255 Ann Street, Brisbane announced for sale
JLL appointed to sell Brisbane CBD asset
BRISBANE, 18 February 2020 – The rare opportunity to purchase a brand-new flagship Woolworths Metro supermarket in the heart of the Brisbane CBD has been announced by JLL and CBRE.
“Prominently positioned at one of Brisbane’s busiest intersections of Edward Street and Ann Street and standing opposite Brisbane Central Train Station, Woolworths Metro at 255 Ann St is a strong performing convenience supermarket and stands as a significant offer to the market,” said JLL’s Jacob Swan, who with his colleague Tom Noonan, together with CBRE’s Darren Collins and Andrew Adnam, is managing the sale by Expression of Interest.
Specifically, the property occupies the ground floor of the iconic Adina Apartment Hotel Brisbane at Anzac Square.
“This is the opportunity to acquire a blue chip retail Investment in the heart of the Brisbane CBD that is fully leased to Woolworths, a Top 20 ASX Listed Company (AUD $50bn) and Australia’s number one food retailer, considered by investors to be one of Australia’s premier covenants,” said Mr Swan.
“Offers like this do not come along very often and expect significant interest from both local and international buyers. Given the low growth economic environment, investors are becoming increasingly motivated to secure defensive assets offering strong lease covenants and long term leases. The record low interest rate environment is compounding investor demand.”
CBRE’s Andrew Adnam said it was clear why Woolworths had chosen this location.
“Given the significant traffic in and out of central train station opposite, plus over $15b in planned infrastructure projects and investments being delivered in the Brisbane CBD over the next few years, this location and its current rental presents an excellent offer to the market,” he said.
“As the CBD and inner suburbs continue to densify, demand for strata supermarkets has increased substantially and Woolworths’ Metro concept is well positioned with the growing trend of mixed-use developments. Smaller format stores are also absorbing the changes to shopping habits where consumers are seeking greater convenience and healthy eating options.”
The lease is on a seven-year initial term which commenced 18th November 2019 with options through to November 2048 and represents an annual net income of $520,730 as at 31 March 2020.
Boasting 592sqm NLA, the Woolworths Metro features a new state-of-the-art fit-out and boasts dual street frontage with 30m to Edward Street and 28m to Ann Street as well as significant signage assets.
The city position claims substantial foot traffic of some totalling 16 million estimated annually.
The property is for sale via Expressions of Interest closing Thursday 19 March 2020 at 4.00pm (AEST)
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CBRE Group, Inc.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.