Brisbane CBD’s commercial market continues to grow in strength, with sales worth $355 million recorded for the quarter to May and $2.5 billion for the past 12 months.

Most recently 280 Elizabeth Street has sold for $57 million in a sale arranged by Justin Bond and Matt Barker of Knight Frank Brisbane. The vendor was owner-occupier Telstra Corporation Ltd, which is owned by a very large number of individual and institutional stock exchange investors.

The purchaser is Firmus Capital Pte Ltd, a Singapore-based investment management company which focuses on direct real estate investments. Lim Su Kiat founded the company in November 2017. The purchase follows their 2018 acquisition of nearby 127 Creek Street for almost $130 million.

The 10,600 sqm building at 280 Elizabeth Street is a 9-level plus basement building purpose built on a block of 1,167 sqm and utilised as a telephone exchange. It is known as Edison Telephone Exchange and is fully occupied by Telstra with seven years remaining on the lease.

The sale represented an initial yield of 5.58% on passing income of around $3,180,600.