33 Queen Street

Brisbane, QLD

This property consists of two buildings: 33 Queen Street and 199 George Street. 33 Queen is a historic seven level building with frontage to the Queen Street Mall and immediately adjoining and connected is 199 George Street, a recently constructed modern office and retail tower with frontage to George Street. 33 Queen Street has an unrivalled location at the top of Queen Street Mall, on one of Brisbane’s best corners. 199 George Street is a 10 level, A grade commercial office building that connects to all floors of the adjoining heritage building.

The refurbishment program to offer tailored smaller office suites has assisted in lifting occupancy levels. The Penny Black Hotel on the ground floor in the old banking chamber is undergoing refitting following heritage approval, with the opening anticipated in late 2019.

Ownership interest 100%
Cap rate 6.50%
Valuation date June 2019
Acquisition date May 2013
Site area 1,158m2
Net lettable area 5,998m2
Occupancy                 66%
NABERS rating (Energy)   3
NABERS rating (Water) 0
WALE by income 5.33 Years
Rent review stucture Fixed
Major tenants by income First Commercial Bank of Taiwan, Australian Sports Commission
Parking spaces 16
Valuation range $30-40 million