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Brisbane Skytower's commercial portfolio sells for $32.9 million

Brisbane Skytower

The commercial portfolio located within Brisbane’s tallest building, Brisbane Skytower, has just sold and settled for $32.9 million following a highly competitive international expressions of interest campaign conducted by Colliers.

The transaction marks the biggest settled volumetric transaction in Brisbane.

The prime asset, owned by property group Billbergia, comprises ten tenancies across four asset classes including the commercial carpark, drew 119 inquiries over the five-week campaign, 11 inspections and seven offers.

Anchored by commercial parking, Arise Hotels and Apartments, and national operator Kids Club Early Childhood Learning Centres, the portfolio comprises nine separate tenancies offering exposure to the commercial/health, childcare, retail and commercial car park sectors. The property was presented to the market fully leased with an 11+ year WALE offered for sale in individual lots or in one line.

The buyer, a high-net-worth Asian investor from Sydney, was among seven parties who submitted formal offers for the portfolio with the competitive process requiring three rounds before the buyer was selected.

The campaign, conducted by Tom O’Driscoll, Nick Wedge and Tony Wang of the Colliers Brisbane Investment Services team, attracted interest from a number of property syndicates and institutional funds, notably from interstate, as well as high net worth investors.

“The level of inquiry we received from this campaign was incredibly strong, leading to seven quality offers across all buyer profiles be it HNW Investors, syndicators and institutional capital,” said Mr O’Driscoll.

There is a growing trend for vendors alike to test their portfolio of asset’s for sale in a line or individually because of growing demand to acquire in Brisbane, particularly from interstate capital. Favourable market conditions coinciding with the recent announcement of the 2032 Olympics is the catalyst for this movement. Further, the yield spread between Sydney and Melbourne’s markets to that of Brisbane, identifies there will be continued growth in capital value and return for investors.

“There is strong demand from Asian investors both onshore and offshore for quality positioned commercial assets in the CBD due to the low interest rate environment and Brisbane being chosen as the 2032 Summer Olympics hosting city,” said Tony Wang, Colliers Asia Markets.

“The Brisbane Skytower commercial portfolio is a premium asset, and this is the first time a holding of this kind has been offered in the CBD,” said Nick Wedge. “The diversity and calibre of the tenants, and the property’s strong cashflow, affirms its appeal as a gilt-edged commercial investment.”

The Brisbane Skytower commercial portfolio has a net lettable area of 3,574sqm with over $1.8 million net income per annum plus GST with 78 car parks.

The property has been sold on an 11.27-year blended WALE (weighted average lease expiry) with a staggered lease expiry profile providing a consistent and de-risked cashflow.

The $32.846 million sale price represents an approximate 5.50 per cent capitalisation rate with the purchase price struck at $9,190 per square metre.

Brisbane Skytower, developed by Billbergia and AMP Capital, was completed in 2019 and heralded a number of firsts for the city.

The mixed-use tower, located at 222 Margaret Street, stands 88-storeys high and was the first building to reach Brisbane’s 274-metre height limit.

Comprising a total of 1,138 apartments, including serviced self-contained residential suites, Brisbane Skytower is home to Queensland’s highest penthouses and has the highest infinity swimming pool in the southern hemisphere.

The multi-award-winning development caters for more than 3,000 short-term and long-term residents.

Billbergia Group Managing Director, John Kinsella AM said: “Brisbane Skytower is prime real estate within the city precinct. For several years post the 2009 financial crisis, the site was nothing more than a 23-metre-deep hole and accommodated flooding waters from Brisbane River and neighbouring properties. We could see the long-term potential for a quality mixed-use development and, although the size and scale of the project was daunting, subsequent years saw local construction company Hutchinson Builders pragmatically progress through construction. The result is a quality, popular, mixed-use development that offers unique commercial/ retail suites and skyrise apartments to a variety of investment or lifestyle interests.”

The sale of Brisbane Skytower’s commercial portfolio settled on Tuesday October 19th.

Related Experts

Tom O'Driscoll

Director, Brisbane Metro Sales | Investment Services


Tom O’Driscoll is a Director within the Brisbane Investment Services Team and has over 10 years’ experience within the real estate industry.

Tom has operated within Brisbane’s CBD and city fringe office market in both leasing and sales roles on many commercial office projects. Tom’s primary focus is management of the disposal and acquisition of major freehold investments in Brisbane’s CBD near city markets working closely with domestic and international HNWI, syndicators and institutional clients.

Tom’s exposure and experience in Brisbane’s investment sector is proven in his results over $300 million in completed transactions. 

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Nick Wedge

Associate Director, Brisbane City & Metro Sales | Investment Services


Nick has an asset speciality for commercial office and retail sales in the Brisbane CBD and near city market. With over 7 years of property experience in multiple areas including sales, leasing, property management and valuation, he is highly qualified to advise on and manage commercial real estate transactions. 

Throughout his career he  has engaged with clients at all levels including institutional, publically listed companies, State Government and allied divisions, private equity funds, international not for profit groups and high net worth individuals.

He takes a very analytical approach through feasibility and cash flow studies to get the most out of your property. With the combination of structured marketing campaigns and strong knowledge of the macroeconomic factors driving property investments, he is confident in achieving the best possible outcome for your property.

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Tony Huan Wang

Associate Director, Asia Markets | Investment Services


As an Associate Director in the Investment Services Team based in Brisbane, Tony has transacted more than $220M in commercial real estate sales throughout Queensland in the last 6 years. Tony is a key member of the Asia Markets, National Strata Working Group and Premium Investments teams. Tony works specifically with Asian investors in Australia and offshore.

As the only Asian commercial agent with valuation background in the Brisbane market, Tony’s experience, multi-cultural background and strong connections with overseas financial institutions and high net worth investors distinguish Tony from the other commercial agents in Brisbane. 

Tony is a registered valuer with over 15 years’ valuation and property experience, believes his solid background in valuation, real estate development and multi-lingual speaking skills have cemented his career in the real estate industry.

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