Largely empty CBD tower sells for less than half its price a decade ago

A largely vacant office tower in the Brisbane CBD is set to change hands for less than half what it was sold for almost a decade ago.

Under the deal announced to the stock market, the Australian Unity Office Fund would sell the 18-storey building at 150 Charlotte Street to a fund managed by developer Dexus Group for $40 million.

The conditional agreement is still subject to shareholder and government approval.

The tower has 11,076 square metres of floor space, according to the sale listing. It also has 100 parking spaces.

This masthead reported in 2017 the building had sold for $105.75 million.

At that time, it was 100 per cent occupied, with major tenants including Boeing Defence Australia and the federal government.

It’s now largely vacant and requires extensive capital works.

Settlement is expected in mid-2026.

A spokesperson for Dexus didn’t elaborate on the company’s plans for the building, but confirmed the $40 million sale price.

Plans to convert the site into student accommodation with 317 rooms were lodged with Brisbane City Council in 2024.

Those plans were not lodged by Dexus, and the Brisbane office market has solidified its position as one of Australia’s strongest since then.

Dexus – which is a property manager and developer – owns more than half-a-dozen sites in and around the CBD.

It is also constructing the vast Waterfront Brisbane complex on the river directly behind Mary Street.

The project will eventually comprise two new office towers, shops, restaurants and public space.

Construction costs are estimated at $2.5 billion, with completion expected in late 2028.

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