Mirvac to buy Brisbane CBD tower for $65m
Development giant Mirvac has snapped up a medium-rise office building in the centre of Brisbane for $65.1 million from Singapore developer Wee Hur Holdings.
In a notice to the Singapore Stock Exchange, Wee Hur said it had entered into a put and call option to sell a 3690 square metre site on Ann Street - holding the nine-storey, 14,000 sq m Primary Industries Building leased to the Queensland State Government - to Mirvac Projects or its nominee.
Wee Hur said Mirvac would develop a new office building on the site and would make a bonus land payment if the building exceeded 55,000 square metres of office space.
The site forms part of a larger $63 million acquisition made by Wee Hur a year ago when it bought the Primary Industries Building at 62-80 Ann Street and a site behind it at 71-97 Turbot Street covering a total of 5478 sq ms.
Wee Hur said the site would be reconfigured into two lots with the Singaporean developer retaining the smaller 1788 sq m lot on Turbot Street for future development. The sale of the bigger parcel to Mirvac will deliver Wee Hur a tidy after tax gain of nearly $14 million.
The company said the proceeds of the sale would be used for "other developments in Australia".
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http://www.afr.com/real-estate/comm...d-tower-for-65m-20161229-gtjpfl#ixzz4UIxytTY4
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