Brisbane has changed a lot since 1880, but the presence of the Edison Telephone Exchange at 280 Elizabeth Street has remained consistent.

Part of the city's first telephone exchange, it was manually operated until 1929, before going on to form part of the site developed by Telstra in 1963.

The 10-storey building could be answering to a new name in the near future however, with the news it has been marked for sale.

Knight Frank has been appointed to formally market the site, for which a seven-year lease is being offered, plus a one-year option to Telstra.

Knight Frank Institutional Sales Partner Justin Bond, who is exclusively marketing the property for sale, said the Edison Exchange provided investors and developers with a rare opportunity to secure a premium underutilised site earmarked for major redevelopment.

“Effectively providing three-street frontages, the development potential of the site is significant,” he said.

“The PC1 Principle Centre (City Centre) zoning allows for no maximum building height and offers a multitude of development potential including office, hotel, retail and residential.

“A significant attribute to this development site is that the property will provide a secure and solid cashflow for the term of the lease, allowing developers time to understand and design the best development outcomes for the site."

The building offers 12,200sq m of gross floor area on a 1,675sq m site in the heart of Brisbane’s Golden Triangle precinct, where it is less than one kilometre away from $13 billion worth of infrastructure projects.

Mr Bond said developments such as the $3.6 billion Queen’s Wharf development and the $5.4 billion Cross River Rail project indicated that the future of the city was bright.

“This unprecedented level of private and public investment in Brisbane has created a diverse economy, with growth forecast to outpace the national average until 2023 at 3.5 per cent,” he said.

“Strong economic fundamentals support this forecast, with low unemployment, positive business investment and strong tourism expenditure all propelling Brisbane onto the radar of global capital, as well as attracting domestic investors.

“We expect interest from both domestic and overseas buyers for this unique asset.”

The property at 280 Elizabeth Street will be sold via an expressions of interest campaign ending 28 February 2019.

For more information about the sale, phone or email Justin Banks via the details below.

Source: Knight Frank

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