At a time when major commercial sales seem few and far between, 333 Adelaide Street, a jewel in the crown of Brisbane’s CBD Golden Triangle, has been sold for $41.75 million.
It was sold through Mike Walsh and Peter Court of Cushman & Wakefield with Peter and Bill Costello of the Costello Group, on behalf of a group of private investors from Victoria. The buyer was Stadia Capital on behalf of a private individual. Stadia Capital is a boutique property investment team which was established in 2019 by Jason Kougellis and Scott Staniforth.
333 Adelaide Street is a B-grade, 14-storey building of 7,499 sqm with basement parking; it was completed in 1970. The property has undergone several major refurbishments since then, including a recent $8.3 million which included lift lobbies and bathrooms across all floors, a mechanical services upgrade, lift refurbishment and new end of trip facilities in the basement. The tower is ideally positioned in the centre of nearby public transport, the entertainment sector and the major Queen Street Mall. Tenants include Australian Moreton Education (on a 12-year lease) and the Australian Workers' Union - Metal & Construction Division.
The property last traded at $16 million in 2016.