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Case Study Investment Services: Skytower

ECESky Tower 61536 x 1040 Hero Website

Sale Date: October 2021 

The Property

Skytower Commercial Portfolio – 3,574sqm NLA and 78 car parks   

The Challenge

Our client had never previously offered exclusivity and marketing on an appointment, although despite this, we were able to secure 6 months exclusive and ~$60k marketing. This was the result of our market-leading reputation and the development of a strong client relationship for two years.  

The transaction represents the largest volumetric sale in the Brisbane CBD, with Skytower being the tallest building in Brisbane. The prestigious tower was the first building to reach Brisbane’s height limit of 274m.  

Comprising a large volumetric asset, this became a challenging asset class within the Brisbane market. Also running the campaign throughout COVID raised further limitations for interstate and international investors to inspect.  

Vacancy throughout the retail and office component resulted in our team creating a sale strategy to utilise 5-year leaseback across any vacancy.  

The Process  

Our team conducted an Expressions of Interest (EOI) campaign to attract potential buyers. This involved us utilising technology to maximise our marketing, through virtual meetings, online listings, native banners, eBrochures and extensive promotion across LinkedIn.

Our team collaborated to achieve a new volumetric record of 5.50%, despite challenging contract conditions which required all hands-on deck in terms of sales, office leasing, retail leasing, valuations etc to finalise the transaction. 

The Results

  • We achieved a cap rate of 5.50%, reflecting a new record for volumetric assets 
  • We received 130 enquiries, a sale price of $32,846,105 and cap rate of 5.50% 
  • This was an internal introduction, originally from our Office Leasing expert Bo Vievers 
  • The client was very pleased with the results of this sale. Due to the great client relationship management, the same team was recently appointed to the Skytower Residual Portfolio (>$200m total value)  
Property Statistics

The property has a net lettable area (NLA) of 3,574sqm* and comprises 78 car parks. We secured an 11-year WALE, representing a circa net income of ~$1.9m p.a. 

Related Experts

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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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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