488 Queen Street, Brisbane
Address:
488 Queen Street, Brisbane, QLD 4000
June 2012
Acquired:
NLA:
4,847m²
4.65 years
WALE:
RSM Global, Alex Bank, Howden Insurance Brokers, Computer One, Punch Design, Facilitate Corp & Supernormal.
Tenants:
All figures as at Jun26
Located in the CBD of Brisbane, this 10-level premium grade office building features 3 levels of car parking and dual access via Queen Street and Adelaide Street.
The property was acquired on behalf of an Investor in 2012 for a value below replacement cost, and, was fully-leased since 2012-2021. Through the fully-leased period, the asset was systematically upgraded and repositioned to be the best boutique building sub-7,000sqm in the Golden Triangle.
In 2021, the final repositioning works of cosmetically upgrading the foyer and entry experience was completed along with an expansion of the Terrace Level to grow the NLA by 10%. The asset was presented to the market and has been leased favourably by global companies and national organisations, lifting the tenant covenants throughout the asset, the rental return and tightening of the capitalisation rate.
