The iconic Ann Street building, which is fully leased to the state government until December 2020, is owned by Brisbane investor and sailing enthusiast Peter Harburg.

The 25-storey tower was purchased by Harburg Investments in 2008 for $91 million from Investa Properties.

It was the first major office tower in Brisbane’s CBD to undergo a complete refurbishment, when its facade and roof were replaced in 1995, which resulted in the high-rise gaining nicknames, including the Batman Building and Gotham Tower.

The building is among four in the city owned by Harburg Investments, along with Quay Central, the IBM building and Westpac’s Brisbane headquarters on Queen Street near Post Office Square.

Mr Harburg also owns the 66-foot yacht Black Jack, which has won back-to-back line honours in the Brisbane to Gladstone and was fourth over the line in last year’s Sydney to Hobart.

The Ann Street tower has been listed for sale with agents Bill Tucker, Bruce Baker and Flint Davidson of CBRE.

Mr Tucker said the building would provide its new owner with significant potential to increase cash flow over the medium to long term.

‘‘The building is currently rented at a rate which is below market levels.  This is very unusual in the Brisbane CBD, a market in which most buildings are now over-rented due to the timing of recent supply and demand cycles,’’ he said.

“There is currently a significant lack of stock available in the Australian office sector and given the attributes of 50 Ann Street we expect the sale campaign to generate strong interest from both local and offshore buyers.”

Mr Tucker said 55 office buildings worth a total of $5.3 billion had been traded by investors in Brisbane over the past five years.

“Despite some short to medium term over-capacity in the market, the Brisbane CBD’s longer term prospects are very positive, underpinned by Queensland’s projected population, economic and employment growth,’’ he said.

The Central Plaza 3 tower is the only other office building with a long-term government lease on the market in Brisbane.

The building, at 70 Eagle Street, is located in the heart of Brisbane’s ‘‘Golden Triangle’’ of Eagle, Edward and Queen streets.

The building, which is owned by Lend Lease’s Australian Prime Property Fund Commercial and joint venture partner the Abu Dhabi Investment Authority, is expected to attract about $120 million.

It is currently leased to two major institutional investors QSuper and Queensland Investment Corporation.

Later this year, Future Fund and Stockland are expected to bring Brisbane’s $600 million Waterfront Place officer tower to the market.

Expressions of Interest in 50 Ann Street close May 8.