Pembroke acquires 70 Eagle Street in Brisbane
Pembroke Real Estate today announced it has exchanged contracts with a joint venture including…
Class A property located in city’s CBD will be international firm’s second Australian acquisition following 20 Martin Place, Sydney
Pembroke announced it has exchanged contracts with a joint venture including the Lendlease managed Australian Prime Property Fund Commercial and an offshore institutional investor to acquire 70 Eagle Street (‘Central Plaza 3’), an 11,476 sqm commercial Class A building located in Brisbane’s “Golden Triangle” business district.
Completed in 2009 as part of the Central Plaza development, 70 Eagle Street is a 14-storey building with 13 levels of office space and ground level retail located at the northern end of the city’s central business district. 100% leased, the property is primarily let by the Queensland Government Superannuation Fund, better known as Q Super.
“We are excited to enter the Brisbane market with the acquisition of CP3 said Jack Clark, vice president and director of Pembroke’s Sydney office. Pembroke has been looking to expand our Australian portfolio. We invest in properties with prime locations in markets with proven real estate fundamentals and long-term growth prospects. While Brisbane is facing near-term challenges, we believe it has these characteristics due to its diverse economy, liquid capital markets and strong population growth.
70 Eagle Street is not only a high quality asset that strengthens and diversifies our global portfolio, entering the Brisbane market further exemplifies Pembroke’s long-term commitment to Australia”
Located in the heart of Sydney’s central business district, 20 Martin Place is currently undergoing a complete refurbishment that will transform the property, replacing the early 1970’s building and its dated inefficient systems with a new, striking state-of-the-art property. Once complete, the new 20 Martin Place will offer 19,080 sqm of prime grade commercial office and prime retail space over 21 levels and change the face of Martin Place, bringing new dynamism to the iconic public plaza, as well as optimised efficiencies, performance and sustainability. Demolition is nearing completion with only the original building’s steel frame remaining intact, and work on the new 20 Martin Place has begun with the pouring of new concrete slabs. The property’s new signature glass façade is expected to begin taking shape in the spring of 2014, with delivery of the new 20 Martin Place expected in Q3 2015.
The Pembroke portfolio includes signature properties in key international markets including Boston, London, Munich, Paris, Stockholm, Sydney, Tokyo, and Washington, D.C. Pembroke first entered the Australian market with the acquisition of 20 Martin Place in Sydney in 2011.
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