A landmark retail asset in Brisbane’s Queen Street Mall has changed hands for $145 million.
Property fund manager ISPT sold 170 Queen Street, anchored by fashion outlets Uniqlo and H&M, to a Queensland-based private investor in what is only the second transaction in the mall since 2019, according to ISPT.
Acquired when it was called Broadway on the Mall in 2011 by ISPT Core Fund, the asset underwent a major redevelopment in 2016.
ISPT Core Fund manager Brett Williams said the sale was “consistent with the fund’s portfolio curation strategy” and that proceeds “would be invested into the fund’s existing development pipeline”.
The purchaser was introduced by JLL’s Retail Investments Australia’s Nick Willis and Sam Hatcher.
ISPT retains a number of strategic assets in Queen Street Mall including 150 Elizabeth Street, Wintergarden, 155 Queen Street, Hilton Hotel and the former Myer Centre, now known as Uptown and jointly owned with Vicinity. A major refurbishment of the latter is in the pipeline.
Last month and 15 years after first putting together the 11,569sq m consolidated site, ISPT unveiled its ambitious plans to build a 42-storey commercial tower at Elizabeth Street in Brisbane.
Describing it as the “final piece” of the puzzle in the significant site, which also comprises the Regent Theatre Building, Zara, Wintergarden and the Hilton Hotel, it backs on to Queen Street.
The fund manager’s assets in the mall are reportedly worth around $600 million.
The gentrification of Queen Street Mall continues to accelerate with Louis Vuitton recently opening its new 1370sq m flagship store next door to 170 Queen Street.
