After recording a large increase in commercial sales in August (Brisbane Cityscope reported an increase of $211 million on the May quarter figure) the sales just keep coming.
Included in the Brisbane bonanza is Trustee House, also known as 444 Queen Street, which had been on the market through Knight Frank and CBRE Brisbane. Located in Brisbane’s Golden Triangle, the property has reportedly sold for $54.4 million. The buyer is PGIM Real Estate, a global real estate platform established in 1970 with $195.4 billion worth of assets under management.
Trustee House is a 22-storey, 77-metre building with basement storage, ground floor foyer and showrooms, parking for 72 cars over two above ground levels and 18 floors of office space. The building has average floor plates of 710 sqm and a total net lettable area of almost 14,000 sqm. The building last traded at $23.5 million in 2016.
Close by and also purchased by PGIM (in a partnership with Fortius) is 307 Queen Street. The building, 102 metres high, comprising two basement levels of parking for 93 cars, ground and mezzanine levels, topped by 25 levels of office space, has been bought for about $210 million. It last traded in 2016 at $142 million.
Recently sold also is 100 Creek Street through Knight Frank and CBRE. The building is a 25-storey building with two basement levels of parking for 80 cars; completed in 1977 and refurbished several times since. Longtime owner, ISPT, has sold the property to the Cromwell Property Group for about $184.7 million after purchasing it for $32.7 million in 1998.