Nick Politis investment company buys 162 Albert St in the Brisbane CBD for $29.75m
An investment firm headed by Sydney Roosters chairman Nick Politis has bought a landmark retail corner in Brisbane’s CBD that hasn’t changed hands since 1966.
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One of Australia’s best known private property players has swooped on a landmark retail building on a busy Brisbane’s CBD corner site.
According to CoreLogic NGP Investments (No 2), headed by billionaire and Sydney Roosters chairman Nick Politis, paid $29.75m for 162 Albert St.
The sale reflected one of the tightest yields achieved for a CBD retail asset at 4.16 per cent.
JLL Retail Investments’ Campbell Bowers, Ned McKendry and Jacob Swan ran the international expressions of interest campaign with Richard Morrison of Morrison Project Consulting.
Mr Bowers said the campaign generated some of the strongest interest he has seen.
“The sale generated over 150 inquiries, reflective of the quality of the asset and the strength of the current market,” he said.
“It’s Brisbane CBD’s best retail corner on the intersection of Albert and Elizabeth streets and its perfectly positioned to capture the wave of growth over the next decade.”
The five-storey building had been owned by Haymarkets Tivoli Theatres since 1966. They operated the Forum Cinema on the site before transforming the building in 2002 into an A-grade retail landmark.
The major anchor tenant in the 3164sq m building was then Borders book store which closed its doors in 2011. Fast fashion retailers Top Shop and Top Man secured the site until 2018 when JD Sports Fashion became the major tenant with ESRI Australia and CoCo Tea a support tenant.
The property was sold with a with a five-year weighted average lease expiry.
“The sale demonstrates the strong demand for premium grade retail assets being driven by record levels of frustrated capital,” Mr Bowers said.
Mr Politis is a director NGP Investments (No 2) which has invested heavily in Brisbane and the Gold Coast including the 2015 purchase of 171 Elizabeth St for $15.5m.
Mr Morrison said 162 Albert St location was a strong attraction.
“What really drove the result was the asset’s proximity to some of Brisbane’s major infrastructure projects, including the adjoining Albert St train station and the nearby Queens Wharf precinct,” he said.
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Originally published as Nick Politis investment company buys 162 Albert St in the Brisbane CBD for $29.75m
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