Introduction
This week’s Queensland commercial property market saw major transactions across office, industrial, retail, development, and hospitality sectors. Notable deals include the Queensland Government’s acquisition of a 2.5-hectare development site in Manly West and the sale of an A-grade office building in Strathpine for $55.5 million. The industrial sector continues to see strong demand, with a major logistics estate in Coopers Plains changing hands for approximately $89 million. Meanwhile, Townsville’s CBD is set for a new boutique hotel development in a heritage-listed building, further enhancing the city’s appeal.
Summary of Transactions
- Office sector: Significant deals included the $55.5 million sale of Super Retail Group’s headquarters in Strathpine and the $46.4 million sale of a major office building in Milton.
- Industrial sector: Blackstone expanded its logistics portfolio with the acquisition of Arcadia Industrial Estate in Coopers Plains for $89 million, while two industrial sites in Brendale sold for a combined $33.3 million.
- Retail sector: Richlands Marketplace, a neighbourhood shopping centre, was sold for $17.2 million at a 6.25% yield.
- Development site: The Queensland Government acquired the Silky Oaks site in Manly West, with future redevelopment plans likely.
- Hotels & Leisure: A heritage-listed property in Townsville is set to be transformed into a 30-room boutique hotel.
Office
6 Coulthards Avenue, Strathpine, QLD
Sydney-based investment company Sandran Property Group has purchased this A-grade office building for $55.5 million. The 2.85-hectare property, which serves as the headquarters for Super Retail Group, includes 7,272 sqm of lettable space, 611 car bays, and 6,184 sqm of developable land. Super Retail Group remains on a long-term lease with 10 years remaining.
33 Park Road, Milton, QLD
Dexus has finalised the sale of this 7,200 sqm office building for $46.4 million. The asset comprises 5,800 sqm of office space and 1,500 sqm of retail, with 186 parking spaces. The property is 98% occupied, generating a secure annual income of $4.1 million. The sale reflects an 8.8% yield.
Industrial
Arcadia Industrial Estate, Boundary Road, Coopers Plains, QLD
Blackstone has acquired this 40,000 sqm logistics estate for approximately $89 million. The strategic site offers direct access to Brisbane’s arterial roads and rail yards, making it a prime location for last-mile logistics operations.
165-179 South Pine Road, Brendale, QLD
Two industrial properties in Brendale have been sold for a combined $33.3 million. Lot 1, a 5,600 sqm A-grade industrial facility, was acquired in an off-market deal by a local owner-occupier. Lot 2, a 30,800 sqm development site with 300m of street frontage, was sold via an expressions-of-interest campaign.
Retail
Richlands Marketplace, Richlands, QLD
A Sydney-based investor has acquired this neighbourhood shopping centre for $17.2 million, reflecting a 6.25% yield. The 1,679 sqm property is anchored by tenants such as KFC, Hoppy’s Carwash, and Richlands Country Markets. Located 19km south of Brisbane’s CBD, the asset achieved the highest price per square metre for a neighbourhood centre in Queensland since October 2023.
Development
218 Manly Road, Manly West, QLD
The Queensland Government has acquired a 2.5-hectare site for an estimated $25 million. The property, previously owned and occupied by Silky Oaks Children’s Haven for 79 years, was sold after a competitive expressions-of-interest campaign. The site, which currently houses an early learning centre, an op-shop, and a medical facility, is expected to be redeveloped by the state.
Hotels & Leisure
337-343 Flinders Street, Townsville, QLD
A heritage-listed building in Townsville’s CBD is set to be transformed into a 30-room boutique hotel by 4810 Property. The City of Townsville has approved the redevelopment of the former Westpac bank site, which spans 1,000 sqm. The property will include a rooftop entertainment venue and a high-quality food and beverage offering. The development aligns with recent revitalisation efforts in Townsville’s city centre, including the $55 million Castlerock office project and a $32 million Telstra facility upgrade.
Summary
This week’s transactions highlight ongoing demand for well-located commercial assets across Queensland. The office market saw significant movement with large-scale sales in Strathpine and Milton, while the industrial sector remains strong with Blackstone’s continued expansion. Retail centres continue to attract investor interest, and Townsville’s CBD is set for an exciting new boutique hotel. These trends suggest growing confidence in Queensland’s commercial property market, particularly in key suburban and logistics hubs
For a complete list of weekly commercial transactions in Queensland, visit McGees Wrap Up | McGees Property Brisbane
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