"Identifying and acquiring prime luxury retail premises in choice locations where the group operates provides security of tenure."
The 190 Edward Street property, known as the "Gucci Building" because of its established ground-floor luxury retail tenant, is an eight-storey retail and office building on a 455 square metre site. It offers more than 2500 square metres of lettable space within Brisbane's main luxury retail precinct.
The Hour Glass already operates a boutique at 171 Edward Street as well as on Collins Street in Melbourne and King Street in Sydney, part of a network of 40 stores spread across the Asia Pacific. Last year it sold $770 million worth of luxury goods.
The Hour Glass' other Australian retail property investments comprise two shops at 70 Castlereagh Street in Sydney valued at more than $11 million and a former boutique at 252 Collins Street, valued at over $25 million, which is now under development.