180 Queen Street is an iconic heritage commercial building located in the heart of Brisbane’s prime retail precinct – Queen Street Mall.
The building occupies a dominant position on Queen Street Mall adjoining Queens Plaza and Broadway on the Mall and is directly opposite the Wintergarden Shopping Centre and the Tattersalls Club. The Mall is renowned as Queensland’s prime retail destination and is one of Australia’s highest grossing retail areas. Regular bus services are available from the Queen Street Bus Station in the Myer Centre, the King George Square Bus Station, and from Ann Street, Edward Street and Adelaide Street. Central Railway Station is located approximately 100 metres to the north.
The building comprises ground floor and basement level retail and six levels of commercial office space with circa 390m2 floor plates. Nationally recognised retail tenants occupy the ground floor and basement tenancies and underpin circa 65% of passing income, while the building’s office accommodation is leased to a number small business tenants providing diversification to revenues.
Several floors have been refurbished into smaller style executive suites with success in achieving above market rentals and minimal incentives post completion.
180 Queen Street is in unique sub-market position in the Brisbane CBD. There are very few buildings in Brisbane CBD that offer heritage small size office suites.
This property is held in joint venture with global investment firm Heitman LLC.
|Valuation date||June 2016|
|Acquisition date||July 2012|
|Net lettable area||3,507m2|
|WALE by income||3.1 Years|
|Rent review stucture||Fixed and CPI|
|Major tenants by income||Country Road and National Australia Bank|
|Valuation range||$0-20 million (equity ownership)|