A vacant office tower in Brisbane, once valued at nearly $160 million and owned by a Saudi-backed fund, is now attracting offers at nearly half its original value after languishing on the market for over 18 months. The tower, located at 41 George Street in Brisbane's government district, was acquired by the Basil Property Trust for $159 million in 2016. However, despite investing in upgrades to meet government energy requirements, the trust has struggled to find a buyer willing to meet its asking price of $130 million to $140 million. This drop in value reflects the significant disruption the office property sector has experienced due to the COVID-19 pandemic, with changing work patterns and rising interest rates contributing to the decline.

Source: AFR