Freehills has advised Leighton Properties and Leighton Contractors on two record-breaking sales to Cromwell Property Group within the space of a month.
Ipswich City Heart Commercial Tower – Icon Ipswich
The sale of a proposed office tower in Ipswich by Leighton Properties for $93 million marked the largest ever office sale transaction in Queensland outside of Brisbane.
With a net lettable area of 18,000 square metres, the nine-story A-grade office tower, located on the corner of Brisbane and Bell Streets, is set to become the largest commercial building in Ipswich.
The tower is being developed as part of the $1billion Ipswich City Heart revitalisation project and was sold after securing the Queensland Government as an anchor tenant in September.
Commencement of construction of the commercial tower is due to commence in December and Leighton Properties has scheduled completion for late 2013. The tower is targeting a 4.5 star NABERS Energy rating and a 5 Star Green Star – Office Design v3 rating.
HQ North Tower
In another monumental sale to Cromwell Property Group, Leighton Properties and Leighton Contractors’ HQ North Tower in Fortitude Valley has been sold for $186 million and set a new record for the largest ever office transaction of a Brisbane City Fringe development.
The HQ North Tower, located on Wickham Street, boasts over 29,000 square metres of A-grade office space and ground floor detail. The tower is at the heart of the landmark HQ Precinct which comprises 44,000 square metres of commercial office and retail space including a supermarket, boutique shops, restaurants, cafes, wine bars and a 2,500 square metre central public plaza.
On top of its ‘6 Star Green Star – Office Design and Office as Built v2’ rating, the HQ North Tower has received numerous national awards including the Urban Taskforce of Australia’s National Development of the Year 2011.
Freehills’ Team
The Freehills team advising on the two transactions was led by partner Luke Simpson, and included senior associates Julie Jankowski, Leone Costigan and Adrian Rich as well as special counsel Margaret Mertens.
Luke Simpson said it was a privilege to work on such historic sales which have shown how the top end of the commercial property market is moving beyond inner-city Brisbane.
ENDS.
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