A new office building can be quite expensive. New employees, new paperwork, new furniture; it can be costly to go down to ideal office furniture in Brisbane for your new building. Not to mention buying the building in the first place.

The Brisbane-based Axis Capital has recently purchased an office in Brisbane, located in Queen Street for the relatively low price of $70M from the GPT Group’s unlisted office fund. The 545 Queen Street building was originally slated to be a residential apartment, one of the city’s largest, but recent developments changed that fact.

The building was originally owned by Flight Centre, but then they shifted their priority to Anthony John’s Southpoint complex building. The 545 is now seen as prime piece of real estate, located in a somewhat notable site in northeastern Brisbane’s financial district. The 13,100 m2 complex holds what is now a grade-A office tower, which is being seen as desirable in concurrence with the recovery of the city’s leasing market.

Last September, The Australian reported on the building, stating that it was part of a bold effort by the Chinese-led consortium that owned the site, for which they were looking for potential partners for. The endeavour was to build a grand apartment skyscraper in the centre of Brisbane’s central business district, composed of a whopping 1000 rooms. The building, had it come to be build, would’ve cost a notable $1B.

The development manager PDS Australia drummed up interest from builders and developers, asking them to work with the site owners; Double Gold Stone, to work on the planned serviced apartment. The proposal put forward for the grand apartment tower consisted of 76-storeys, 891-units, and 100-serviced apartments, set to be designed by Woods Bagot. To top the building off, a glass facade and retail space was to be added.

Until the aforementioned developments, the proposal was to be followed, until the building became a potential customer for ideal office furniture in Brisbane due to Axis’s purchase.

Axis Capital is a financial holdings company that is currently focused on the management and development of commercial assets for their clientele, a small number of private investors. The company also owns a building nearby, in Edward St.

A Savills broker, Ben Azar handled the transaction, which occurred with little fanfare or fuss.

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About Author: Christopher Williams