Alceon buys another Brisbane office
Alceon Group – a diversified investor also holding businesses, including Décor – has swooped on an office in Brisbane’s Upper Mount Gravatt.
Built in 1992 for the Australian Taxation Office, which still majority occupies, 28 McGregor Street is setting the group back $64 million.
Seller, Charter Hall, on behalf of a fund, outlaid $63.6m in 2019.
The disposal price is in line with book value.
CBRE and Cushman & Wakefield were the agents.
Alceon backs Brisbane office again
Over six storeys, 28 McGregor St contains 14,286 square metres, last refurbished in 2018, and 405 car parks.
About 3200 sqm around the unique shape building is vacant, according to The Australian, which is reporting the deal, permit-ready for 179 apartments in two towers – a proposal put forward in 2017 when the asset was owned by LaSalle Asset Management (story continues below).
The acquisition comes five months since Alceon acquired 40 Tank St, in the Brisbane CBD, for $74m.
Charter Hall was again that seller, on behalf of two managed funds: the Long WALE REIT and Direct PFA Fund.
It paid Kevin Seymour $93m in 2018.
In February we reported Alceon secured Queensland Fire Department to the ex-TAB building in Albion, four kilometres north of Brisbane’s CBD.
Alceon bought that property, 240 Sandgate Rd, in March, 2021, outlaying $33.35m.
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