- Real estate developer Primewest (PWG), has announced one of its funds has sold the “Chambers” and “The Tower” buildings in Brisbane’s CBD for over $47 million
- The University of Queensland is the buyer and plans to utilise these buildings as part of its CBD campus portfolio
- Together, the buildings will provide UQ with 3516 square metres of office space and 985 square metres of retail
- Primewest shares remain flat and are trading for $1.15 each
Real estate developer Primewest (PWG), has announced one of its funds has sold the “Chambers” and “The Tower” buildings in Brisbane’s CBD for $47.4 million.
The buyer, the University of Queensland, plans to utilise these buildings as part of its CBD campus portfolio.
Together, the buildings will provide UQ with 3516 square metres of office space and 985 square metres of retail.
“We are excited to see how the University of Queensland will utilise the space,” Primewest Director David Schwartz said.
The Chambers Building was built 130 years ago and is considered a “unique piece of Brisbane’s history.”
The Primewest fund bought Chambers and The Tower just three years ago for $37.4 million and, interestingly, the recent sale of Chambers is only the third time it has ever been sold.
“These buildings are located in Brisbane’s ‘Golden Triangle’ and have provided investors in the Primewest managed fund with strong cash flow and capital growth since purchasing,” David added.
The buildings currently return a net income of $3.32 million and sit at 98.5 per cent occupancy.
It seems from the get-go The Tower had great potential. Located on 88 Creek Street, The Tower was completed in 2008 and was subject to significant capital works for it to achieve and maintain an A-Grade standard.
Primewest shares remain flat and are trading for $1.15 each at 3:59 pm AEDT.