One of Australia’s leading property development companies has set a new record for a building sale outside the Brisbane CBD.
Leighton Properties has sold their HQ North Tower in Brisbane’s inner-city suburb of Fortitude Valley for $186 million. According to Managing Director Mark Gray, it is the largest office transaction outside the city of Brisbane in the state’s history.
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“This sale reflects the underlying strength of the Valley office market and the quality of the tower’s award-winning, sustainable design undertaken by Leighton Properties in conjunction with Leighton Contractors,” Gray said in a media release.
The 6-star Green Star building contains 28,000sqm of office space and features ground floor retail space. It has been honoured this year with awards from the Urban Taskforce of Australia, Brisbane Lord Mayor’s Sustainability in Business, and UDIA QLD Boral Awards for Excellence.
“The sale further reinforces Fortitude Valley as the premier location for investment in Brisbane outside of the CBD,” said CBRE’s Bruce Baker, who co-negotiated the deal. “It also demonstrates the value of high quality assets with first rate sustainability measures.”
Leighton Properties and Leighton Contractors are both headquartered in Queensland’s HQ South Tower.