The Smorgan family have sold off their prime retail asset at 130 Queen Street Mall to Marquette Properties for $77m. Marquette will acquire the property jointly with PGIM.
The four storey retail and office building sits on one of the busiest corners in the Brisbane CBD. The building provides a total NLA of 3,771sqm in its current configuration, comprising 2,991sqm of retail over the first three floors and basement, and 770sqm of office accommodation and 10sqm storage above. The property generates $4,458,169 pa in rent, presenting a yield o 5.78% on the purchase price.
Brisbane based, Marquette have been active in recent times buying 288 Edward Street Brisbane for $115m with Heitman in March this year and 164 Gray St South Brisbane in early 2017 with Moelis.
Marquette propose upgrading the asset to a more contemporary high quality retail destination.
JLL brokered the sale on behalf the Smorgan family who have owned the prime retail asset for nearly 30 years.