Challenger secures prime property in Brisbane CBD

Challenger secures prime property in Brisbane CBDSilverNeedle Hospitality has sold its 100 per cent interest in NEXT Hotel and Australia’s first Forever 21 in Brisbane’s CBD to Challenger Ltd for $133 million.The 2000 sqm hotel and retail mixed-use investment property at 72 Queen Street Mall will feature the first international launch of the NEXT Hotel brand, plus the first Australian store for global fashion retailer Forever 21. Both tenants are secured under 10-year leases. Approximately $ million has been spent on renovating the property.Dean Dransfield of Dransfield Hotels & Resorts and JLL’s Head of Retail Investments – Australasia Simon Rooney, together with JLL Hotels, advised the vendor on the transaction.Rooney said Australian CBD markets are welcoming a new wave of international retailers. “Redevelopment activity along Queen Street Mall is driving a revival in CBD retailing via refreshed supply, new international brands and an expansion of the retail offering and amenity of the entire retail core,” he said. “Availability of suitable sites has been a barrier to entry for some of these international tenants that typically require larger stores than their domestic counterparts, and are looking to secure flagship retail locations such as this,” he added.Dransfield said Brisbane’s NEXT Hotel is ideally positioned to attract business and leisure visitors. “The rare sale and leaseback investment was highly sought-after by institutions, international investors and high-net wealth individuals as it provides simplicity, security, scale and upside as market conditions strengthen,” he said.