Situated in a prime Midtown location, 133 Mary Street, Brisbane, has sold for $96.5 million. The building was offered for sale by an expressions of interest campaign in August by Luke Billiau and Seb Turnbull of JLL Brisbane. It was sold by Quadra Pacific (Aust) Corp, a wholly owned subsidiary of Canadian company, Quadra Pacific Properties Corporation. It is a family-owned company specialising in managing premium commercial buildings in Australia and Canada and its origins date back to the Canadian sawmilling and timber industries of the 1930s.
The buyer is ARA Australia and the sale follows their $188 million purchase of 300 Queen Street. ARA is a premier global real assets fund manager with approximately $80.1 billion under management.
According to Brisbane Cityscope, 133 Mary Street is an office building of 16 storeys to Mary Street and 2 storeys to the corner, plus basement parking for 114 cars. It was completed in 1984. With a net lettable area of 12,976 sqm, the tower will benefit from nearby future improvements including the Queens Wharf Development and the Albert Street Cross River Railway Station.
The building last traded at $10.6 million in July 1993. This sale at $96.5 million equated to a market yield of 6.02% and a sale rate per square metre of $7,437.