Primewest fund in $47m sale

A fund managed by Primewest has sold a historic building and an adjoining eight-storey office tower in Brisbane’s CBD for $47.4 million.

The Primewest fund bought the Chambers building and the neighbouring A-grade office building, known as The Tower, in 2016 for $37.4 million.

The sale of the Chambers makes it only the third time the high-profile city landmark has been sold in its 130-year history.

The buildings have been bought by the University of Queensland, which plans to occupy them as part of its CBD campus.

Primewest director David Schwartz said Primewest was delighted to see the buildings become part of the university’s portfolio.

He said that since the completion of The Tower in 2008 there had been substantial capital works to the building to achieve and maintain an A-grade standard.

Together the buildings provide 3,516 square metres of office space and 985sqm of retail.

“These building are located in Brisbane’s Golden Triangle and have provided investors in the Primewest managed fund with strong cashflow and capital growth since purchasing,” Mr Schwartz said.

“We are excited to see how the University of Queensland will utilize the space.”

The buildings currently return a net income of $3.32 million and sit at 98.5 per cent occupancy.