SINGAPORE (July 4): Luxury watch retailer The Hour Glass announced Thursday that its Australian subsidiary has entered into a sale and purchase agreement to acquire a freehold building at 190 Edward Street in Brisbane for A$32.0 million ($30.3 million).

The proposed acquisition will be funded via internal resources and bank borrowings.

The property is an eight-storey retail and commercial office building, which sits on a site area of approximating 455 sqm.

Located within the main luxury retail precinct in the heart of Brisbane’s central business district, it has a gross lettable area of 2,521 sqm.

The Hour Glass says the proposed acquisition will strengthen the group’s retail footprint in Australia.

Shares in The Hour Glass closed 3 cents higher, or up 3.8%, at 82.5 cents on Thursday.

<ul><li><a href="https://www.theedgesingapore.com/news/ma/hour-glass-makes-foray-new-zealand-acquisition-mansors-jewellers-two-retail-and-commercial" target="_blank">The Hour Glass makes foray into New Zealand with acquisition of Mansors Jewellers, two retail and commercial properties</a></li><li><a href="https://www.theedgesingapore.com/news/property/hour-glass-acquire-2-new-zealand-office-buildings-54-mil" target="_blank">The Hour Glass to acquire 2 New Zealand office buildings for $54 mil</a></li><li><a data-jsx="2507428981" href="https://www.edgeprop.sg/property-news/crown-group-launch-first-brisbane-project-2020" target="_blank">Crown Group to launch first Brisbane project in 2020</a></li></ul>

Hour Glass to acquire Brisbane property for $30 mil

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