Aware Real Estate has announced its first Queensland acquisition snapping up a $215.5 million high-quality A grade CBD asset in Brisbane adding to its $3 billion property portfolio.

Located in the up-town precinct of Brisbane CBD, 145 Ann Street is a 27-level office accommodation with high-grade environmental credentials and high-quality tenant amenities including end-of-trip, wellness centre and on-site concierge.

Aware Real Estate Head of Investment and Capital Transactions Pete Carstairs said the acquisition was aligned with ARE’s strategy to target office opportunities along the Eastern seaboard.

“This asset has cleverly designed floorplates that capture expansive views, is close to public transport and offers tenants high quality amenities,” he said.

“Expanding into the Brisbane office market will also provide ARE geographical exposure to a new, core eastern seaboard market that is currently showing growth due to market tailwinds.

Mr Carstairs said the Brisbane office market performance was strong relative to other Australian and Global office markets due to limited supply, a strong tenant demand and declining vacancy rates which in turn drive effective rental growth.

“Our analysis has identified favourable drivers such as below average A grade market vacancy rates which lead to a forecast of significant rental growth over the next five years together with a strong state economic outlook,” he said.

See the full press release here.

Read the article in The Australian Thursday 21st November, 2024.