German fund seals deal on Brisbane tower F.A. Pidgeon & Son has reaped $125 million from the sale of Brisbane’s 313 Adelaide Street to Deutsche Asset & Wealth Management.The 19-storey A Grade office building was constructed in 1986 and underwent a major refurbishment in 2012, resulting in a 5 star NABERS Energy rating.The purchase, made on behalf of one of Deutsche’s German funds in an off-market transaction, was reportedly struck on a yield of around seven percent. The Queensland Government is a major tenant in the building.Deutsche has been active in the Sydney and Melbourne office markets since 2010, but this is its first Brisbane acquisition.Until the late 1990s, F.A Pidgeon & Son was one of Queensland’s most prolific developers, and was responsible for many of the buildings in Brisbane’s CBD. Landmark projects developed by the family include the Brisbane Club and the Suncorp Metway Building.Sir John Pidgeon was inducted into the Property Hall of Fame in 2013. When asked to nominate his favourite development, Pidgeon always replies “the next one”.This sale of 313 Adelaide Street was negotiated by Seb Turnbull and Geoff McIntyre from JLL, together with Flint Davidson and Bruce Baker from CBRE.
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