Shayher Acquire Q&A Centre from QIC
Shayher Group has bought the Q&A Centre mixed-use complex in Brisbane from QIC Global Real Estate for $395m.
The Q&A complex, which comprises 24,425sq m of office space and 7,283sq m of retail across two commercial towers at 141 Queen Street and 140 Elizabeth Street, sold following a competitive sales campaign that attracted both local and offshore investors, including Altis, Charter Hall and Hines.
The property, which has been held by QIC since 1994, is 79% leased to tenants including the Commonwealth of Australia, National Australia Bank and Citibank with an average lease expiry of 2.7 years.
Michael O’Brien, managing director of QIC Global Real Estate, said: “Our divestment of Q&A Centre represents successful execution of QIC Global Real Estate’s investor-endorsed strategy for the QIC Property Fund.”
Shayher Group have paid on an yield of approx 6.25%.
Taiwanese-owned Shayher expanded to Australia in 2000 and has since been an active investors, especially in Brisbane, where is developing the triple-tower Brisbane Quarter on the former Law Courts site in George Street and is rumoured to have paid around $90 million for the historic Bulimba Barracks site. In 2015, the group acquired Capalaba Central for $148m and in Victoria, are undertaking the $1 billion redevelopment of Melbourne’s Pentridge Prison. In September 2018, the group acquired a commercial site in Ashfield for $63.6m, earmarked for future residential.
The sale process was conducted by Colliers and JLL.