Brisbane heritage listed Corbett Chambers at 283 Elizabeth Street sold

  • Asset sold with 2.79 years WALE
  • Formerly known as Telecommunications House
  • Listed in the heritage register in 2004

Silverstone recently purchased 283 Elizabeth Street, Brisbane. Located in the heart of Brisbane’s Golden Triangle, Corbett Chamber is an asset that was completed for the Commercial Travelers Association (CTA) in 1907 and added to the Queensland Heritage Register in 2004.

Story

Formerly known as Telecommunications House, when the Commonwealth acquired the building in 1963, the property housed the Marketing and Commercial Section of the Postmaster General until 1975 and then Telecom until 1991.

The property was renamed again when the Corbett family bought Telecommunications House in 2009. Following extensive work, the property took on its current name, Corbett Chambers, in honor of the selling family and architect of the building, Claude Chambers.

“The modernization we have undertaken is truly state of the art, although the character of the building is more present than ever,” said Lorraine Corbett.

“Our goal has always been to respect, enhance and maintain the heritage features and appeal of this magnificent building. Long an important part of Brisbane’s history, it is now ideally placed to continue to thrive in the future.

The asset

The six-storey building neighbors the Blue Tower and Annex in Brisbane’s central business district and was purchased from retired specialist neurologist Professor John Corbett and his wife Lorraine Corbett.

With a WALE of 2.79 years, major tenants in Corbett Chambers include restaurant Corbett & Claude, the name also acknowledging the Corbett family, and architect) JGL Properties, investment managers Alvia Asset Partners and contractor Valmont commercial development.

The building covers 2,121 square meters of commercial net leasable area, including 1,712 square meters dedicated to offices and 409 square meters of commercial space in the basement. The property is located on a plot of 551 square meters.

“We are very pleased to purchase the property and add it to our growing commercial investment portfolio. The property is in an exceptional location and will benefit from all the work that is about to occur at Eagle Street,” said Troy Daffy, MD of Silverstone.

“Silverstone now has six heritage listed assets and we are extremely passionate about conserving these magnificent buildings. Our strategy will be to fully lease the building and own it for the long term.

Knight Frank brokered the sale of 283 Elizabeth Street, with the expression of interest campaign attracting over 60 inquiries and 6 offers.

“It’s such a beautifully presented heritage building that it was always going to appeal to wealthy investors looking for a trophy,” said Blake Goddard of Knight Frank.

“While we believe the likely buyer would be an individual, we have attracted interest from labor groups and smaller funds who liked the asset’s prime position as well as its occupancy history.”

“Although it has been sold with some vacancy, the building appeals to the most active rental market being under 500 square meters. The new owners are confident that, given suitable rental conditions, the remaining vacancies can be filled pretty quickly,” added Matt Barker of Knight Frank.

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