Property group Dexus is looking to sell its ‘Blue Tower’ at 12 Creek Street in Brisbane for $450 million as part of its portfolio revamp.
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Colloquially known as “Blue Tower” because of its distinctive blue glass facade, the building spans more than 32,227sqm and provides 34 levels of office accommodation with an adjoining annex building.
Situated on the city’s so-called ‘Golden Triangle,’ the tower provides newly fitted suites and over 300 car spaces. The tower was built in 1984 whilst the annex building was completed in 2020.
The company, which has four Sydney properties on the market with a total estimated value of $1.3 billion, is expected to sell on a yield of between 5.25 per cent and 5.5 per cent with the sale of the Blue Tower.
Dexus acquired the building in 2012 for $241.6 million from the Australian Property Growth Fund marketed by Bill Tucker and Rick Butler of CBRE and Geoff McIntyre and Ben McGrath from Jones Lang LaSalle. It was their second Brisbane office tower, after opening its 26-level ‘Rio Tinto’ tower along Albert St in 2011.
CBRE is once again appointed to sell the Blue Tower, this time through agents and Bruce Baker and Flint Davidson and with the help of Justin Bond and Paul Roberts from Knight Frank.
“In a challenging operating environment, we maintained our focus on maximising property portfolio income and performance, while also supporting our small business customers impacted by the lockdowns and growing and diversifying the funds management business,” said Darren Steinberg, Chief Executive Officer at Dexus.
The Dexus portfolio in Brisbane includes the Eagle Street Pier, the AM60 at Albert St and the Waterfront Place at Eagle St.
