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Brisbane’s Sunny Queen Eggs site for sale



Only 1.2km from Brisbane’s CBD and 10,500 Sqm, this site is up for sale.Brisbane Investor

One of Brisbane’s largest near-CBD sites – Red Hill’s former Sunny Queen Eggs site – is on the market marking the first time in nearly two decades since the site changed hands.

Developed in the 1960s for the Queensland Egg Board, the site on Musgrave Road was the central distribution facility in South East Queensland for all major shopping and grocery stores under the Sunny Queen Eggs banner.

Following relocation of the business, the property lay dormant until Halfbrick Studios – the developer of iPhone game Fruit Ninja which has been downloaded more than one billion times since its 2010 launch – sliced its way into Brisbane after signing a five-year lease last year for part of the space.

The open plan office underwent a $5.5 million refurbishment and retrofit after Sunny Queen Eggs vacated the building.

The video game developer, which made hundreds of millions of dollars after creating the game in which players chop up flying fruit, are understood to be paying $450,000 annually for the lease.

Today, this sizable land holding of approximately 10,500 sqm represents one the of the largest near CBD sites being only 1.2 km to the Brisbane CBD – and the last remaining developable landholding of this scale within the inner North Western corridor.

JLL’s Elliott O’Shea said the site had considerable redevelopment potential.

“The site has been earmarked by Brisbane City Council (BCC) as one of the major “transformative” parcels of land capable of mixed use development under the draft City West Renewal Strategy,” he said. “It is the intention of BCC to allow for a multitude of outcomes specifically focused on the activation of Musgrave Road and Kelvin Grove Road streetscapes through the integration of low impact amenity.”

He said other sites earmarked under the City West Neighbourhood Plan include the Victoria Barracks and the Caxton Street precincts.

“Given the genuine rarity of the offering, the property will be competitively sought after by local, interstate and offshore investor and development groups eager to benefit from the exciting development potential and current holding income, given its 100% occupancy by tenants including Half Brick Studios, the developer of gaming app Fruit Ninja,” he said.

The sale comes off the back of the recent announcement by international design group AEG Ogden who have proposed to The Queensland State Government the conceptual design of the “Brisbane Live” entertainment precinct to be developed on the Roma Street parklands which would be predominantly privately funded. The Sunny Queen Eggs site lies almost adjacent to this proposed land area, and thus lends to significant possibilities.

JLL’s National Director Christian Sandstrom said, “this latest announcement by AEG Ogden, if successful, will further catapult Brisbane into the International spotlight given that this project and the Queens Wharf Casino project will be the two largest urban renewal projects since Expo 88.”

The campaign being undertaken by JLL’s Christian Sandstrom, Sam Byrne & Elliott O’Shea will commence in the next two weeks.

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QUT Buys $84m Kelvin Grove Office Building



QUT Buys $84m Kelvin Grove Office Building
Queensland University of Technology has snapped up an A-grade office tower in the heart of Kelvin Grove’s Urban Village.

The seven-storey building is a cornerstone building of the inner north Brisbane business hub and has gone unconditional to the main tenant, QUT, with settlement due in April 2018.

QUT leased 9,474sq m from the Queensland-based Cromwell Property Group in the building prior to the acquisition.

In an ASX statement Cromwell chief executive Paul Weightman said Musk Avenue had been a strong 10-year investment.

“Musk Avenue is another example of Cromwell’s ability to invest wisely and actively manage our assets. We continuously review our property portfolio to deliver optimal returns for our investors,” Weightman said.

At its half-yearly results in February, Cromwell announced pro-forma gearing of 38.9 per cent exclusive of the contracted sale of the property.

The office building comprises ground floor retail, six floors of office space and 217 basement carparks.

The 14,144-square metres of net lettable area is leased to QUT, Boral Resources and three ground floor retail tenants.

The building has a 5-Star Green Star Rating and a 5.5-Star NABERS Energy Rating.

On Thursday, Singapore-based ARA Asset Management Limited picked up a 19.5 per cent stake in Cromwell in a deal worth $405 million.

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Iconic Queensland Pub the Normanby Hotel Up for Sale



Iconic Queensland Pub the Normanby Hotel Up for Sale
One of Brisbane’s iconic pubs, The Normanby Hotel, has hit the market for the first time in nearly twenty years with price expectations north of $20 million.

Located at the high profile Normanby Fiveways in inner-Brisbane’s Red Hill it has been co-owned by Michael Dempsey and Otto Wilhelm since 1999.

Built in 1890, the heritage-listed hotel consists of an enormous 3,655 square metre site incorporating the multi-level heritage listed pub and a huge car park. It was added to the Queensland Heritage Register in 1992.

Dempsey said he was selling the hotel in order to concentrate on his core business of property technology through real estate property management software, Console.

He sold his electronics payments business Ezidebit for $305 million in 2014.

The Normanby Hotel freehold and pub operation is being offered for sale by CBRE Hotels.

“The hotel boasts huge underlying value with 35 gaming machines on site offering significant gaming upside potential,” CBRE Hotels’ Queensland director Paul Fraser said.

“On top of this, the prime location of the hotel and the huge expanse of land this asset offers makes it an obvious development play in the future.”

In 2016, a proposal by The Normanby Hotel to build a 15-storey development and underground nightclub next to the hotel was rejected by Brisbane City Council’s City Planning Committee.

The building, which would have contained 14 units, a hotel, short-term accommodation, a nightclub and a shop, was planned to be built on the Normanby Hotel’s car park. The committee voted unanimously in favour of opposing the plans on the basis of the height and size of the proposed hotel tower.

The Normanby Hotel also used to house one of Brisbane’s most well-known trees, a 100-year-old fig tree, that had to be removed from the site in 2016 after a severe storm knocked it over.

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Sydney to Hobart veteran Peter Harburg selling remaining $150m properties



Sydney to Hobart veteran Peter Harburg selling remaining $150m properties Read more: Follow us: @FinancialReview on Twitter | financialreview on Facebook

Sydney to Hobart sailing veteran Peter Harburg has made a call to sell two of his last major office towers in Brisbane worth well over $150 million, including Westpac’s local headquarters.

Mr Harburg, who has completed 12 Sydney to Hobart races in the famous Blackjack yacht, said the market was strong and that influenced his decision to sell out.

“I’m 76 now and I think it’s time to start doing more important things like sailing boats and driving cars,” Mr Harburg told The Australian Financial Review.

“The market is very strong at the moment – it’s a supply and demand thing and at the moment the demand is very strong and this has certainly helped influence the decision to sell.”

Peter Harburg on his boat Blackjack. "I'm 76 now and I think it's time to start doing more important things like sailing ...

Peter Harburg on his boat Blackjack. “I’m 76 now and I think it’s time to start doing more important things like sailing boats.” Glenn Hunt

Mr Harburg acquired a number of Brisbane office buildings over the years, including 50 Ann Street which he has since sold for $131.8 million to Asian group Capital Trust and 348 Edward Street Brisbane which he sold to US property group Hines for about $50 million.

Now his private investment company Harburg Investments has appointed CBRE’s Bruce Baker, Tom Phipps and Flint Davidson to steer the sale of his remaining CBD assets – 260 Queen Street and 95 North Quay – with the assets to be offered either as a portfolio or individually.

Mr Baker said the campaign was expected to attract significant interest given that both properties were extremely well located and offered different income streams and capital-related outcomes.

“Last year was a very active year for the Brisbane office investment market, with new investors and foreign capital attracted by the comparatively attractive yield spread to Sydney and Melbourne,” Mr Baker said.

“A well-researched consensus is that Brisbane offers net effective rental growth going forward over the next five years, with Brisbane having become the second fastest growing white-collar employment market in the country.”

The boutique A-grade building at 95 North Quay, in Brisbane's legal precinct, is predominantly occupied by barristers ...
The boutique A-grade building at 95 North Quay, in Brisbane’s legal precinct, is predominantly occupied by barristers and legal professionals and provides a current net lettable area of 8710sq m. Supplied

Key drawcard

The agents describe the tower at 260 Queen Street – occupied by anchor tenant Westpac since it was constructed – as an “iconic core office asset and arguably Brisbane’s best located asset”.

The building has a net lettable area of 13,300 square metres and offers large 1000sq m podium floor plates with 20 high-rise floors above.

A prime retail amenity is located on the ground floor, the majority of which is occupied by Westpac as a retail banking chambers.

“The building’s super prime Queen Street location near Central Train Station and the Queen Street Mall shopping precinct will be a key drawcard for prospective purchasers and tenants alike,” CBRE’s Mr Phipps said.

“There is existing development approval for a glass box-style podium refurbishment as well as the potential to extend the existing floor plates and/or reconfigure the retail space.”

The boutique A-grade building at 95 North Quay, in Brisbane’s legal precinct, is predominantly occupied by barristers and legal professionals and provides a current net lettable area of 8710sq m.

“While the building is currently 58 per cent occupied, there is a clear opportunity to ‘re-set’ the asset to capitalise on Brisbane’s improving occupier market,” Mr Phipps said.


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