MinterEllison advised Mirvac on the sale of the 16-storey office tower at 340 Adelaide Street, Brisbane to property investment group Forza Capital for $86.75 million.

The contract, which was entered into on 6 November 2020, was successfully settled on 20 November 2020.

This transaction was one of the first asset disposals to take place in the Brisbane CBD since the COVID-19 outbreak. MinterEllison worked closely with the Mirvac team to traverse a number of unique issues relating to the sale of this type of asset during the pandemic, including navigating a dynamic leasing environment and dealings with tenants. This was particularly with respect to the current rent relief protections and the provision of other incentives, together with the process of shepherding the sale through the 'new normal' environment of electronic exchange and completion.

"MinterEllison is currently involved in a number of significant post-COVID commercial property transactions across Australia, and we're especially delighted to have supported Mirvac in achieving one of the first asset disposals in the Brisbane CBD since the pandemic began," said lead partner Adrian Rich. 

"Coupled with our recent role in partnering with Mirvac to secure its appointment as one of the successful proponents of the Queensland Government's build-to-rent pilot scheme, we are starting to see some 'green shoots' of activity in the property sector. Deals such as these point to a positive outlook for further activity into 2021," he added.

Mr Rich was supported by others at MinterEllison including Ruth Sainsbury and Amanda King.