‘Forty Tank’, an 11-storey office tower with retail and parking located at 40 Tank Street Brisbane has been purchased by two Charter Hall funds in an off-market deal for $93 million, reports Core Logic.

The seller in the deal, Seyall Tank, who purchased the property on behalf of the 40 Tank Street Trust back in 2016 for just $56 million, has made a huge 66% capital gain. The site is in a prime location, just a short walk from the upcoming Queen Street Wharf development.

Charter Halls has also purchased the site known as No. 1 Brisbane for $93.96 million. Charter Hall group CEO & Managing Director, David Harrison said the purchase opens doors for future options including possible re-development in years to come due to the “existing 81-storey approved tower scheme.”

Last month Charter Hall, along with Investa JV Lodges received the green light for a $650 million office at 370 Queen Street. The original proposal includes a 40-storey tower of approx. 50,000 sqm of office space, basement car parking, gym, childcare and end of trip facilities.

Mr Harrison is drawing on Charter Hall’ Sydney success for inspiration, indicating an ideal redevelopment of the sites would be similar to 333 George Street project in Sydney. 333 George Street is a multi-use building fronting George Street which encompasses 15 levels of office space, 12,500 sqm of office space, and three levels of retail, and includes five levels of cascading rooftop terraces.

The office market is reportedly moving well and has "swung into recovery mode", reports Nick Nichols of businessnewsaus.com.au based on the latest Savils’ research. 

Hannah believes Brisbane will be a World City within 5 years.