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Iconic Brisbane office tower sold to offshore investors
A prominent piece of commercial real estate, the HSBC Tower in Brisbane, has been sold for $188 million.
Melissa Coade
Firms: Lander & Rogers (ARA Asset Management Pty Ltd); Barry Nilsson (SKW Pty Ltd)
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Deal: ARA Asset Management Pty Ltd (ARA) has purchased the HSBC Tower building in Queensland from SKW Pty Ltd (SKW).
Value: $188 million
Area: Real estate; corporate
Key players: The Lander & Rogers team advising ARA was led by partner John Wells. Partners Nick Stocks and Lisa Zonta, and senior associate Nuala Wiltshire from the property, projects and infrastructure team assisted on the deal.
The Barry Nilsson team advising SKW was led by Freeda Stevenson and Lucy Forrest.
Deal significance:
Brisbane’s 25-level HSBC Tower was purchased by Singapore-listed real estate fund manager ARA Asset Management Pty Ltd. The transaction was settled with SKW in June.
The 300 Queen Street property comprises 19,364 sqm office space fully leased by international bank HSBC. The deal is believed to show a yield of about 7 per cent, according to The Australian.
According to Lander & Rogers partner John Wells, the transaction represents “continued offshore interest in Australian capital city office buildings and growing interest in the Brisbane CBD market.”
More recently, the firm acted for another ARA property acquisition, with contracts exchanged for a major shopping complex along Victoria’s Yarra River to the tune of $578 million.
