Rare ‘Golden Triangle’ office opportunity in Brisbane CBD
Designed by world-renowned Japanese architect Kurokawa Kisho, 66 Eagle St, has long formed an integral part of Brisbane’s city skyline – and its doors are now open to new owners.
In what could mark one of the most significant sales of an office tower in the capital’s history, the super-prime building in the heart of the city’s “Golden Triangle” is expected to lure huge foreign investment interest.
The sale comes after co-owners Lendlease and the Abu Dhabi Investment Authority each offloaded a 50% stake in the landmark.
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The team charged with selling the property says it offers a huge opportunity for investment at a time when Brisbane is booming.
Driven by JLL’s Seb Turnbull, Luke Billiau and Paul Noonan together with Cushman & Wakefield’s Richard Butler, Josh Cullen and Mark Hansen, the building hits the market amid a surge in overseas interest in office stock.
The tower was designed by world renowned Japanese Architect Kurokawa Kisho and forms an integral part of the city’s skyline.
“66 Eagle St will be only the third 100% interest sale in the core Golden Triangle precinct in the last decade,” Turnbull says.
“Given the scarcity of this offering in combination with improving market fundamentals we expect strong interest from both across the world and around the country.
“We have seen a substantial uplift in foreign capital targeting Australian office assets in the past 12 months, and the Brisbane office market remains one of the most attractive destinations.
“As Brisbane CBD office leasing conditions continue to improve, offshore investor demand is set to increase.”
Completed in 1990 as part of Brisbane’s “Central Plaza” series, the nearly 32,000sqm building has maintained a high level of occupancy and is home to some of the most esteemed tenants including QIC, McCullough Robertson as well State and Federal Government departments.
Sitting on a prime 2510sqm three-frontage corner in the city’s tightest office market, 66 Eagle St has recently undergone a nearly $10 million premium capital expenditure program which included the design and creation of a brand new lobby, a cafe, an overhaul of the end-of-trip facility and new bicycle storage.
The building has been designed and maintained to PCA A-Grade standard, with 23 levels of floor plates in excess of 1400sqm as well as parking for 211 cars over three basement levels.
Noonan says 66 Eagle St is perfectly positioned to capitalise on the $45.8 billion of infrastructure investment in Queensland set to redefine the capital.
“The property is central to Brisbane’s infrastructure boom and is set to benefit from surrounding projects including the Waterfront Precinct, Cross River Rail and Queen’s Wharf.
“The most significant of these is the $3.6 billion Queen’s Wharf Casino and Entertainment Precinct which will entail the redevelopment of approximately 10 per cent of the CBD to create a stunning, integrated resort precinct just 500 metres from the property.”
The international expression of interest process closes at 3pm on October 24.