ISPT sells former Broadway on the Mall
ISPT has sold Brisbane’s former Broadway on the Mall, nowadays just known as 170 Queen Street, after 12 years.
The Melbourne fund manager is banking $145 million for the four level complex, developed in the late 1990s and last refurbished eight years ago ahead of H&M opening its flagship local store there.
Uniqlo is also a tenant.
The buyer is a local private investor.
Elsewhere in the area, ISPT owns 155 Queen St, leased to Zara, and a site opposite that (150 Queen St) earmarked for a mixed use project with a 42 storey, 53,000 sqm office, linked to the Wintergardens Shopping Centre, Hilton Hotel and Regent Theatre.
In 2021, The Hour Glass outlaid $82.5m for a two level retail building at nearby 171 Edward St, on the corner of Elizabeth – once the subject of an 82 level skyscraper proposal – to part-occupy.
170 Queen Street
ISPT paid $62.5m for 170 Queen St, holding it in the ISPT Core Fund, which also controls 150 and 155 Queen (story continues below).
The campaign was managed by JLL’s Sam Hatcher and Nick Willis, who said Sydney and Melbourne investors are continuing to show interest in Queensland product.
Last week we reported ISPT, for the Core Fund, listed a c$600m portfolio of six assets.
The JLL agents with colleague Kate Low and Stonebridge’s Justin Dowers, Carl Molony and Philip Gartland are marketing one – Sydney’s Eastgate Bondi – offered for the first time in three decades.
Another, Melbourne’s GPO building, also leased to H&M, is for sale via CBRE’s Simon Rooney and James Douglas and Colliers’ Lachlan MacGillivray.
A half interest in regional New South Wales’ Halls Head Central – is on offer too, again through Mr Rooney and Mr Douglas.
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