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News release

BRISBANE

150 Charlotte Street sells for $105.785 million

150 Charlotte Street, Brisbane has been sold on behalf of Trust Capital Advisors (TCA) by JLL’s Sales & Investments Directors, Seb Turnbull and Luke Billiau in conjunction with CBRE.


​150 Charlotte Street, Brisbane, a prestigious A-grade office asset in the heart of the Brisbane CBD, has been sold on behalf of Trust Capital Advisors (TCA) by JLL's Sales & Investments Directors, Seb Turnbull and Luke Billiau in conjunction with CBRE.

The property was marketed as part of the Eastern Seaboard Office Collection, incorporating three properties in Melbourne, one in Sydney and one in Brisbane.

Managed in conjunction with CBRE, the International Expression of Interest campaign generated extensive interest from portfolio, multi-asset and individual asset buyers.

150 Charlotte Street was acquired by Australian Unity Investment Real Estate Limited for AUD$105.75 million, representing a passing yield of 6.83% and capitalisation rate of 6.04%. The property will form part of the Australian Office Fund (AOF) taking the portfolio to nine properties and overall portfolio value of AUD$546.9 million.

The property includes a podium level for office space and building services, 16 floors of quality office space and three basement levels of car parking for up to 110 cars. The building is also serviced by an end-of-trip facility, a vibrant foyer incorporating floating walls, ceiling canopies, illuminated ripple panels, fixed and freestanding seating areas and a café – all which provides a dramatic entry statement.

On the sale, JLL's Seb Turnbull said the investor was attracted to the asset's exceptional tenant covenants of Boeing Defence Australia (BDA) and the Department of Foreign Affairs & Trade (DFAT), along with the excellent building fundamentals following a comprehensive AUD$21 million refurbishment in 2012.

"The transaction was underwritten by the property's significant in-built growth and Brisbane's improving leasing market," he said.   

Located in the centre of the Brisbane CBD, 150 Charlotte Street sits between the professional, finance and government districts, and is within close proximity to all public transport networks including buses, ferries and trains. It is also conveniently located close to the Botanic Gardens, Brisbane River, the GPO and is surrounded by lively cafes, signature and casual dining and some of the best retail the city has to offer.