Brisbane’s gold tower sells for $285 million

The lynchpin of Brisbane’s ‘golden triangle’ has sold for $285 million.

AMP Place, known locally as the Gold Tower thanks to its shining metallic facade, was sold to local property fund Marquette Properties earlier this week, in a move signalling a return of investor confidence to Brisbane. 

The 37-level office building was part of property major Dexus’ Office Partnership portfolio, who reported they were offloading the property as part of a shift towards ongoing development projects. 

The company says it will continue to focus its leasing, asset management and development capabilities on the project at Waterfront Brisbane, but there is an element of asset recycling and debt payment to the sale.

New owner Marquette Property is a Brisbane-based property fund manager, and says more than 150 families are now invested in the holding at 10 Eagle Street.

Marquette describes AMP Place as one of Australia’s best-known office towers, and expect strong returns from the asset as the country returns to normal following the COVID-19 pandemic.

As of December, the building was 92 per cent occupied, with major tenants including Accenture and Wilson Parking.

The $285 million sale is the first institutional office transaction in the city since late 2019, and has attracted further attention to Brisbane’s ‘golden triangle’, bordered by Eagle, Queen, and Edwards Street.

The contract has only conditionally been exchanged at this stage, but the sale of Gold Tower is expected to settle next month.

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