Brisbane’s Jubilee Hotel bought by Credit Suisse
The Jubilee Place Office development in Fortitude Valley has been acquired by a real estate fund managed by Credit Suisse Asset Management.
Developed by private Brisbane property development and investment company JGL Properties, the 14-storey Blight Rayner-designed project includes the preservation and refurbishment of the existing historic Jubilee Hotel along with the construction of an A-Grade commercial office tower.
The acquisition was “an attractive investment proposition”, according to Credit Suisse Asset Management APAC head of real estate Christopher Chiang.
“Aligned with our strategy of strengthening our real estate allocation, to best in class commercial buildings in urban areas experiencing strong growth,” he said.
The project will comprise 17,500sqm of commercial space and an 800sqm landscaped roof terrace.
“The jewel of this project is the re-development of the iconic Jubilee Hotel which first opened its doors to the public in 1887, delivering an exciting and authentic retail ground plane for the building occupants,” JGL managing director John Livingstone said.
The project team for the development includes national builder Watpac, TB’s Hotels, Robert Bird Group, Inhabit, Floth and Herbert Smith Freehills with works expected to begin this month.
Sheridan Randall, 16th September 2019
