Queen Street Mall corner property to get major overhaul

One of the most recognisable buildings in Brisbane’s most central location will undergo a major overhaul. CHECK OUT THE PLAN

A BRISBANE-based property group has partnered up with a global investment management giant to buy a high-profile Queen Street Mall corner property ripe for a major “overhaul”.

Marquette Properties and PGIM Real Estate has settled on the purchase of the four-level retail/office building at 130 Queen St for $77.1 million.

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Marquette’s managing director Toby Lewis said they plan to start a major refurbishment of the building to transform it into a trophy investment appropriate to its prime location.

“Marquette looks to buy assets and transform them into trophy investments that make the city better,” he said.

“We plan to reposition that asset through proactive leasing, capex and management to enable our tenants to trade and prosper and our investors to benefit from strong cash flow and capital growth”.

PGIM is the rebranded Pramerica Investment Management which is owned by US-based Prudential Financial.

The company bought and sold 215 Adelaide St in 2015, following a major refurbishment and they were also the financier behind the Howard Smith Wharves development.

The 3770sq m fully leased building features the largest McDonald’s in the southern hemisphere as well as tenants such as Gelatissimo, Forever New and Money Exchange and a 5.1 year weighted average lease expiry.

It was owned by the same family for 23 years and JLL’s Sam Hatcher, Jacob Swan, Seb Turnbull and Luke Billiau struck the deal.

An artist’s impression of 130 Queen St which shows what the property will look like after its refurbishment.

Marquette director of asset management Matthew Creagh said Cavill Architects has designed the refurbishment.

Work on the building will start in February next year and will be wrapped up by the middle of 2020.

“It’s a building overhaul from top to bottom. We’re pulling off the ugly grey awning, cladding the whole facade, upgrading all the buildings services and replacing the lifts and roof,” he said.

Mr Creagh said PGIM was a strong believer in the opportunities presented by the Brisbane market.

“They like investing here and have had success here and they’ll continue to be here. They’ve had a belief in the Brisbane story for five to six years now