GDI Property Group sale of 307 Queen Street, Brisbane
Rostron Carlyle acted for GDI Property Group (“GDI”) on their recent sale of 307 Queen Street, an A-grade 26-storey office and retail tower in the heart of Brisbane’s Golden Triangle for A$142.15 million. The sale was subject to FIRB approval and settled on 31 January 2017.
307 Queen Street comprises of 2 basement levels of parking, ground and mezzanine level retail and 25 levels of office space in the financial precinct which has been extensively refurbished by GDI since their acquisition in 2013 to achieve a significant increase in the occupancy rate.
Our role in the sale included organising vendor due diligence with important information about the tower and its key financial, technical and leasing aspects and advising GDI on extensive negotiations as to the terms of the deal, purchase price, indemnities, representations and warranties.
This transaction builds on our practice having also acted for GDI in their acquisition of 307 Queen Street, drafting and negotiating commercial leases for the building as well as their other CBD commercial towers including 10 Market Street, Brisbane, 50 Cavill Avenue, Surfers Paradise and Stanley Place, Townsville. We also advised GDI on strategic, contractual and regulatory issues associated with various property acquisitions, development, operation and maintenance.
GDI continues as a key player in the Australian property market and this transaction is described as being a prime example of their business model. The Rostron Carlyle team is proud to have worked with GDI on their major property transaction.