Prime riverfront Quay asset set to lock in high level of buyer interest

Investors are set to flock in the coming weeks as a Melbourne-based property development and investment group places their high-profile Brisbane CBD asset on the market.

A Perri Projects investment vehicle has exclusively appointed Savills Capital Transactions agents Peter Chapple, Anthony Ott and Jack Morrison to sell 179 North Quay.

The 16 level office building is one of only a handful of tightly held riverfront holdings and is ideally located in the fast growing ‘North Quarter’ precinct, elevated off street level to reveal uninterrupted views of Southbank and surrounds.

State Director of Capital Transactions in Queensland Peter Chapple said that riverfront CBD holdings are highly coveted.

“179 North Quay is one of Brisbane’s most prominent office towers strategically located in an area of the CBD that is undergoing a complete transformation,” Mr Chapple said.

The building is currently home to Maurice Blackburn Lawyers, Schlumberger Australia, and the QLD State Government, along with a raft of legal occupants taking advantage of the building’s core legal precinct location.

The North Quarter precinct has seen major institutional investors seeking to secure a piece of this coveted CBD location. There has been over $850m worth of transactions in the North Quarter since 2017, with heavyweight investors such as Blackstone and Charter Hall have secured strategic holdings in the precinct signalling increased confidence in the precinct.

179 North Quay features a total net lettable area of approximately 8,525sq m with floor plates typically covering an area of 587sq m. With over $11 billion worth of major projects currently underway within 500m of the asset, the property holds a front row position to the evolution of Brisbane.

179 North Quay hits the market at the perfect time according to Savills Managing Director, Anthony Ott.

“Savills and Perri Projects have experienced ongoing leasing success on the asset, which has historically attracted strong Government and corporate tenants. This is a trend which is expected to continue in anticipation of the raft of landmark projects within a short walk of the asset.

“With the Cross River Rail infrastructure project commencing, Brisbane Quarter development nearing completion, and the Queens Wharf precinct well underway, we are set to see this sector of the CBD transformed,” Mr Ott said.

The marquee projects, in tandem with the proposed Brisbane Live redevelopment sit within a short walk to 179 North Quay which holds a prominent position in the heart of the Brisbane CBD Legal precinct.

The property is being marketed for sale via an Expressions of Interest campaign with offers expected to be sought by mid-September.