The Health and Forestry Buildings in Brisbane's CBD have been sold for about $70 million in a deal arranged by JLL Brisbane.
In Brisbane the Health and Forestry Buildings fronting May and Charlotte Streets in the CBD have been sold for about $70 million in a deal arranged by JLL Brisbane. The vendor, Cromwell Property Group, was listed on the ASX in 1973 and is one of Australia's largest real estate investment trusts with a recent market capitalisation of more than $1.7 billion.
The purchaser is reported as being AsheMorgan, a specialised real estate investment and advisory group which was founded by Michael Moss of Bellevue Hill in 1981. It actively seeks investment opportunities to deliver its mission of providing ‘enhanced results to clients and investors through the superior active management of real estate investment’.
According to Brisbane Cityscope the Health and Forestry Buildings are two towers linked by 'air bridges' on levels 13, 15 and 17 and a raised courtyard on level 3. The Health Building is 20 storeys, has a building area of almost 15,000 sqm, car parking for 150 vehicles and is tenanted by the government department, Queensland Health. The 26-level Forestry Building is also leased to the Queensland State Government.
The buildings last traded together at $65 million in 2013 and in November 2016 approval was sought by Cromwell Property Group for the conversion of the two existing office towers into student accommodation with 954 beds and communal space.