GPT Group's GPT Wholesale Office Fund sold the 545 Queen Street office property in Brisbane, Australia, for at least A$70 million to local company Axis Capital, The Australian reported.

The fund offloaded the prime building amid a recovering leasing market in the city. It was supposed to be the site for PDS Australia's proposed A$1 billion residential tower.

GPT Wholesale said that the 545 Queen St. building has 13,400 square meters of office and retail space. It has six office tenants and 100% occupancy.

As of March 31, US$1 was equivalent to A$1.31.