Defying the COVID-19 market uncertainty, 340 Adelaide has changed hands at $87 million. It was sold by Flint Davidson, Tom Phipps and Bruce Baker of CBRE Brisbane on behalf of Mirvac. The purchaser is Forza Capital, a Melbourne based property investment group founded by Adam Murchie and Ashley Wain in 2010; the property will be placed in the new Forza 340 Adelaide Street Fund.
340 Adelaide is a 17-storey commercial building completed in July 1991. The building comprises two basement levels with car parking for 100 vehicles, ground floor retail space and 16 upper levels of office space, plus a rooftop recreation area and end of trip facilities. It is located in Brisbane’s ‘Golden Triangle’ precinct and has a 5-star NABERS rating after a $1.6 million energy efficiency upgrade in 2010. Mirvac also undertook a refurbishment of the building last year, enhancing the appearance of the building's facade with new contemporary finishes and upgrading the ground floor and retail area. Major tenants include Law in Order, The Institution of Engineers Australia and Cover-More Insurance.
The property last traded at $36.5 million in 1999. This sale at $87 million represents an 11 per cent premium to its book value in June 2020.