In the largest retail deal so far this year, well known Brisbane retail arcade Post Office Square was purchased for about $95 million by Global investment manager LaSalle Investment Management.
Located underground between Queen Street and Adelaide Street, Post Office Square has a net lettable area of 1,756 square metres along with 29 specialty tenants, six ATMs and a 316-bay car park.
The proposed development involves the construction of a 30-storey mixed use development with 270 apartments, comprising a podium and tower form with retail uses in the lower levels and multiple dwelling units in the tower. At podium level 1 a total of 380 square metres is proposed to accommodate a mix of retail activities including shops, restaurants and a hotel forming part of the broader “Valley Metro” site, which is intended for progressive redevelopment.
The $95 million Post Office Square deal is expected to settle later in January 2017.
Source: The Urban Developer