Property Development

Brisbane’s Edison Exchange Hits the Market

Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-01-31 15:54:23

The 10-storey Edison Exchange building in the heart of Brisbane’s “golden triangle” precinct will hit the market for the first time.

Telstra developed the 10-storey commercial building in 1963, and still owns the property to this day.

The property will be sold with a sale and leaseback arrangement, with a seven-year lease, plus a one-year option to Telstra.

The building offers 12,200sq m of gross floor area on the 1,675sq m site, and due to local planning is said to offer plenty of development potential.

Knight Frank’s Justin Bond, who has been appointed to broker the deal, says the property offers investors and developers an opportunity to secure a premium under-utilised site earmarked for major redevelopment.

“Particularly considering the highly attractive CBD position as well as the favourable town planning provisions,” Bond said.

“Effectively providing three-street frontages, the development potential of the site is significant.”

Bond said the city centre zoning allows for no maximum building height and offers a multitude of development potential including office, hotel, retail and residential.

While no price guide has been confirmed, thanks to steady demand in Brisbane’s commercial market, reports estimate the building could fetch prices north of $75 – $80 million.

Related: Brisbane Developer Snaps Up Newstead Tower for Commercial Scheme