ARA Asset Management buys mixed-use building in Australia's CBD
It plans to redevelop the 140,000 sqft property into a Grade A office tower.
ARA Asset Management has acquired 133 Mary Street located in the Midtown precinct of Brisbane’s Central Business District (CBD) in Australia, via one of its private real estate funds for an undisclosed amount, an announcement revealed.
The property comprises 15 levels of B Grade offices and a single-level retail building totaling approximately 140,000 sqft, and is well-served by various transportation nodes including the Central Train Station and multiple ferry and bus routes in the immediate vicinity.
Over the past few years, the property has also undergone various building refurbishment works, including an upgrade to its foyer and lift lobbies as well as end-of-trip facilities. In addition to its proximity to significant infrastructure improvements, the property is said to hold great development potential, as the retail building can potentially be redeveloped into a new A Grade office tower.
“We look forward to enhancing this asset by developing a new commercial tower to significantly increase its net lettable area and capitalise on positive rental reversions in the Brisbane office sector,” assistant group CEO and CEO of ARA Private Funds Ng Beng Tiong said in a statement.
The property will be managed by APM Australia, ARA’s property management arm in Australia.