NATIONAL RETAIL GROUP IN $19.4M BRISBANE HERITAGE ACQUISITION

A high-profile heritage asset at 171 Elizabeth Street in Brisbane has been acquired by expanding specialist retail asset services company National Retail Group (NRG) for $19.4 million.

The historic, four-level Heckelmanns building, located in the heart of Brisbane, expands NRG’s active portfolio to $1 billion as it pursues its goal to add value to generational assets across Australia.

Designed by Andrea Giovanni Stombuco and built between 1884 and 1891, 171 Elizabeth Street has served various commercial uses over time while retaining its renowned heritage façade, which was added to the Queensland Heritage Register in 1992.

NRG’s acquisition of the heritage building demonstrates the company’s ongoing expansion in obtaining and developing high-end assets across the country.

The company recently purchased another heritage building in Adelaide’s Rundle Mall for $10.85 million.

“It feels like we’re just getting started”, Michael Spektor, CEO of National Retail Group.

“We are a privately held business and employ our own capital, which gives us a competitive advantage in the sector, enabling us to acquire and enhance community assets immediately upon purchase.

“Our strategy is to purchase, repurpose and add value to generational assets on behalf of a number of family offices that we represent.”

NRG, founded in 2019 by Mr Spektor, was focused on retail asset management and transactional services for discreet high-net-worth families, and has now evolved into a full-service, retail property asset management group that specialises in delivering Tier 1 services across the full property lifecycle from acquisition through development and then stabilisation via active asset management.

NRG’s portfolio of national retail property assets and active development activity now spans across Australia and New Zealand, blending global experience with local knowledge to create generational assets.