Acquisition of remaining 50% interest in 53 Albert Street, Brisbane QLD
53 Albert Street, Brisbane QLD
Realmont Property Partners is pleased to announce the acquisition of the remaining 50% interest in 53 Albert Street, Brisbane on behalf of our capital partner. The partial interest was acquired from the co-owner under our pre-emption rights. This acquisition is aligned to our capital partner's strategy to selectively expand their portfolio of Australian commercial real estate investments in major capital city markets along the eastern seaboard.
53 Albert Street, Brisbane is a modern commercial A-grade office building located on a prominent corner within the administrative precinct of the CBD. The asset comprises a new generation office building completed in 2009 with 13 levels of office accommodation above ground and eight levels of podium commercial car parking and four ground floor retail tenancies. The office accommodation is fully leased by the Queensland Government until 2028, whilst the carpark is anchored by a lease to the First Parking until 2030. The property has strong sustainability credentials and during our period of management has also been taken Climate Active Carbon Neutral.
The property is located close to 1 William Street and Parliament House and enjoys immediate proximity to substantial infrastructure spending with Albert Street Cross River Rail Station, Queens Wharf Precinct and surrounding commercial repositioning and new development.
53 Albert Street will also benefit from the Brisbane office market's forecast strengthening over the medium to long term as improved net migration, white collar employment growth, significant new infrastructure and limited new supply all provide a strong tailwind for this acquisition.
