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Shayher Group acquires Q&A for $395 million

Colliers International’s Jason Lynch, Lachlan MacGillivray and Don Mackenzie in conjunction with JLL’s Seb Turnbull, Jacob Swan and Luke Billiau have negotiated the sale of Q&A Complex, Brisbane on behalf of QIC. 

Shayher has acquired the asset for $395,000,000 following an International Expressions of Interest campaign. The asset is currently 79% leased with a WALE of 2.7 years (by income). Major tenants include Commonwealth of Australia, National Australia Bank, Citibank, Dimension Data, Secure Parking, JB Hifi, Vodafone and Ramsay Health Care.

The 3,692sqm double corner site enjoys three street frontages to Queen, Albert & Elizabeth Streets. The asset comprises a total 31,708sqm NLA incorporating 7,283sqm retail and 24,425sqm office spread across a three-level podium and two towers with basement parking for 207 bays.

Colliers International’s National Director - Capital Markets, Jason Lynch said “The significance of the opportunity generated deep interest from both domestic and offshore capital. On a global basis, Australia, particularly Brisbane, is attractive on a comparative return basis. Investors were attracted to the strong and diverse mix of covenants underpinned by the Commonwealth of Australia as the major tenant occupying the entirety of the 140 Elizabeth Street office tower. The landmark sale represents the first time that the asset has ever changed hands in its current format.”

Colliers International’s Head of Retail Investments, Lachlan MacGillivray said “Investors are continuing to focus their attention on high quality assets with outstanding fundamentals and Q&A is reflective of this. The prime location, in particular the exposure to Australia’s busiest pedestrian mall, Queen St Mall, gave bidders significant comfort in the future remixing potential of the retail component of the asset. Situated at the epicentre of the Brisbane CBD, Q&A is perfectly positioned to leverage the $12billion of city shaping infrastructure projects planned for Brisbane.”

JLL’s Senior Director of Retail Investments – Australia, Jacob Swan said that the campaign generated significant interest and investors were attracted to the rarity of the opportunity, being only the 10th transaction on the Queen Street Mall in the past decade. “The opportunity captured the interest of a variety of different investment mandates, given the significance of the location and the various value-add strategies available. Strong economic market fundamentals future proofs the investment for years to come.”

JLL’s Head of Capital Markets, QLD, Seb Turnbull added “Strong market drivers including positive effective office rental growth, increased small occupier demand and moderate office supply is continuing to attract capital to Brisbane as an alternative to the southern markets. Brisbane has a compelling value proposition with an average 81 basis point yield discount to Sydney and Melbourne. In addition to the positive office market fundamentals outlined above, Q&A benefits from over 130 metres of ultra-prime retail frontage, with over 500,000 pedestrians walking past the site every week.”

Related Experts

Jason Lynch

National Director

Investment Services

Brisbane CBD

I am a National Director of the Colliers International Capital Markets team and are responsible for the sale and purchase of institutional grade office investments in the Brisbane CBD, Near City and Metropolitan markets on behalf of an extensive list of domestic and offshore institutional, corporate and HNW private clients.

​Prior to joining Colliers International, I was a Director of the Capital Transactions team at Savills Australia transitioning from being a Director of Valuations at Savills Australia for 11 years.

​Some of the prominent institutional clients that I have advised and acted on behalf of over my 27 year career include 151 Property, Abacus Property Group, AEP Investment Management, AMP Capital, Ascendas REIT, Australand, Australian Unity, BlackRock, Blackstone, Brookfield, Centuria, Challenger, Charter Hall, Cromwell, Dexus, DWS, ESR, Fortius Funds Management, GIC, Goldman Sachs, Goodman, GPT, Growthpoint, Heathley, Heitman, Impact Funds Management, Investa, IOOF, ISPT, LaSalle Investment Managament, Lend Lease, Mirvac, Morgan Stanley, QIC, Stockland and Westfield.


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Lachlan MacGillivray

Head of Retail Investment Services | Australia

Retail Investment Services

Sydney CBD

Specialising in the sale of major shopping centres, Lachlan has managed the sale of over $12 billion worth of shopping centres, working with a wide range of clients including institutional, international and private investors.

In 2019, Lachlan's team transacted 83% of all retail assets greater than $100 million, equalling a total of $3.58 billion in sales. These included:
The sale of Westfield Marion, SA for $670 million (50% interest);
The sale of Westfield Burwood, NSW for $575 million (50% interest);
The sale of Garden City Booragoon, WA for $575 million (50% interest);

Over the last 24 months, Lachlan has achieved the largest transaction in Australian history with the sale of Indooroopilly Shopping Centre, QLD for $810 million (50% interest). He also secured the largest agency negotiated transaction in Australia at $1.00 billion for the sale of Pacific Werribee and Epping, VIC (50% interest). With an in-depth understanding of shopping centre performance, Lachlan can provide you with expert advice on the sale and acquisition of your retail investments.
• Capital Partnering / Joint Ventures / Portfolio Transactions
• Asset Marketing and campaign strategy, implementation and execution
• Shopping centre acquisition and disposal
• Sale negotiation and transaction
• Strategic asset positioning and repositioning to maximise asset performance
• Buy side investment advisory

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