310 Ann Street Fix and Flip
Cornerstone Properties appear to have succeeded in their fix and flip strategy with a client of UBS Asset Management expected to acquire 310 Ann Street Brisbane for approx $220 million.
The tower, at 310 Ann Street, was overhauled by Cornerstone Properties after it bought the building with JV partner FA Pidgeon & Son for $63m in 2012.
At that time, Suncorp fully occupied the building but vacated in 2015, leaving an opportunity to create a more contemporary product for the current market.
Cornerstore Properties appointed Hutchinson to strip back the building to its skeleton, and completely redefine the asset at a cost of circa $60m. Works included expanded floors plates (from 970sqm to 1,147sqm), new ceiling heights, new floor-to-ceiling glass facade, new amenities, a new 13-metre-high foyer, new streetscape and awnings.
Cornerstone Properties secured new tenants including Allianz Worldwide Partners and the Queensland government.
If the sale progresses at $220m, the $60m investment will certainly have paid off well.
JLL and CBRE were appointed to market the building.