Brisbane’s office market is at pre-GFC highs with over $2.8 billion worth of transactions in Brisbane’s Golden Triangle over the past financial year, reports The Australian Financial Review.

Sales of five major office towers have occurred in the triangle in the last financial year, with five more now on the market.

The largest sale in the triangle district; which is considered to fall within the north side of Queen Street, Edwards Street and the Brisbane River; was 201 Charlotte Street for $126.7 million to Sydney-based investor Kyko Group. The 30-storey tower located at 66 Eagle Street is now currently on the market in its entirely for a rumoured $370 million.

It is anticipated that the 14-storey, 5700 square metre office tower at 410 Queen Street will be released to the market later in the month with a price tag of around $50 million.  

The article states the Golden Triangle is “punching above its weight” three major sales in the first half of the year.

“Of the 10 transactions in Brisbane’s Golden Triangle from the start of 2018 to the midpoint of 2019, 81 per cent of the volume was from foreign investors. That fits the broader trend that we are seeing in the national office market, where foreign investment in office property increased to 49 per cent in FY19,” Mr Byrne said.

With regards to the leasing of properties, some of Australia’s biggest landlords have invested in the area including Dexus, who owns 480 Queen Street, and a big project in the pipeline for Charter Hall and Investa who have plans to build a 40-storey building at 370 Queen Street.

Hannah Schuhmann said when office space is in demand,  residential property in excellent locations will follow. The ‘Felix’ building is in a prime location in the Golden Triangle on the corner of Mary and Edward, and opposite Waterfront Place. The apartment complex is perfectly positioned to take advantage of this flurry of activity, where buyers can purchase a two bedroom, two bathroom apartment for under $550,000.