McGees Wrap Up 24 April 2026

Queensland Commercial Property Weekly Wrap-Up

Week Ending 23 April 2026

Market Overview

The Queensland commercial property market is exhibiting resilience as construction entities navigate the tail end of post-pandemic inflationary pressures. While major firms work to stabilise margins through the implementation of escalation-protected contracts, investor interest remains robust for well-positioned freehold assets. Policy discourse surrounding fuel security and resource extraction in the Cooper Basin has emerged as a significant thematic driver for regional economic and industrial infrastructure interest (Foster, 2026). Concurrently, the tourism sector is facing significant headwinds due to fuel-related cost increases, prompting urgent calls for government support as visitor numbers soften (Levinson, 2026).

Summary of Transactions

The following table summarises the commercial property transactions processed for the week ending 23 April 2026.

Transaction Type	Sector	Property/Project	Location	Key Commercial Metric
Lease	Retail	Janus Deli	West End	$96,000 net p.a.
Sale	Retail & Development	Commercial Site	Mermaid Beach	$7.7 million (Auction)

This Week’s Highlights

Retail – Janus Deli West End

120 Boundary St, West End, QLD Janus Deli has secured a five-year lease for a prominent corner site in West End. The hospitality operator will occupy the space to expand its Korean-Australian fusion concept, supported by two five-year options. The lease is structured at $96,000 net per annum plus outgoings. This deal highlights the continued appeal of West End for premium hospitality operators; key interest factors include the site’s strong foot traffic, surrounding residential density, and proximity to major developments like West Village (Herde, 2026).

Tourism – Wyndham Surfers Paradise

Wyndham Surfers Paradise, Gold Coast, QLD Travel + Leisure Co. has announced a $5 million refurbishment of its flagship Wyndham Surfers Paradise resort. The project involves comprehensive upgrades to holiday apartments and suites, incorporating design elements intended to reinforce coastal connectivity. This investment signals ongoing confidence in the Gold Coast tourism sector and demonstrates a commitment to maintaining competitive asset standards despite broader economic uncertainty (Pierce, 2026).

Industrial & Development – Clutch Racing Coomera

Foxwell Rd, Coomera, QLD Construction has commenced on a 2301sq m site for Australia's largest simulator racing venue. Situated within the 47.7ha Foxwell Coomera precinct, the project is expected to open in October 2026. This development serves as a strategic addition to the precinct, which is slated to include significant health and commercial infrastructure in the coming decade, further establishing Coomera as a growth hub (Potts, 2026a).

Retail & Development – Mermaid Beach Freehold

Gold Coast Hwy and Seaview Ave, Mermaid Beach, QLD A 610sq m corner block in Mermaid Beach has sold at auction for $7.7 million. The site, which attracted competitive bidding from multiple parties, is positioned near the under-construction $450 million Alfred mixed-use development. Interest in this property was driven by its rare blue-chip corner position and significant redevelopment potential, highlighting the depth of demand for premium coastal highway assets (Potts, 2026b).

General News

Multiplex Financial Turnaround: Construction giant Multiplex has reported a return to profitability with a $16.5 million annual profit. Impact: Improved balance sheets for major contractors provide greater stability for large-scale development pipelines, reducing the risk of project stalls that have previously hampered sector confidence (Carter, 2026).
Cooper Basin Regulatory Reform: The Quilpie Shire Council is advocating for regulatory reform to unlock greater oil production in the Cooper Basin. Impact: This initiative could drive demand for industrial land and storage infrastructure in remote regions, potentially diversifying industrial property investment beyond traditional metropolitan centres (Foster, 2026).
Tourism Sector Headwinds: Queensland tourism is at a tipping point as fuel price volatility and consumer cost-of-living constraints lead to a significant decline in bookings. Impact: The downturn threatens the viability of hospitality and retail tenancies in tourism-dependent corridors, potentially leading to increased vacancy rates and pressure for rent relief (Levinson, 2026).

Final Take

While the construction and development sectors show signs of stabilisation and robust institutional interest, the tourism-dependent commercial property market faces significant short-term pressure. Investor focus is likely to remain on prime, supply-constrained assets that are less sensitive to immediate volatility, while regional industrial markets may benefit from evolving energy security policies.

References

Carter, B. (2026, April 21). Construction giant Multiplex swings to $16.5m profit after Queen’s Wharf loss. The Courier-Mail.

Foster, S. (2026, April 23). Secret ‘Kuwait of Australia’ fuel-rich claim revealed in tiny town. The Courier-Mail.

Herde, C. (2026, April 17). West End gets a taste of Korea as Janus Deli signs five-year lease. The Courier-Mail.

Levinson, B. (2026, April 22). Bookings down by half: Queensland tourism’s massive fuel hit. The Courier-Mail.

Pierce, J. (2026, April 17). Resort scores a $5m upgrade. The Courier-Mail.

Potts, A. (2026a, April 17). Pole position for plan. The Courier-Mail.

Potts, A. (2026b, April 17). Block fetches $7.7m at auction. The Courier-Mail.

For a complete list of weekly commercial transactions in Queensland, visit McGees Wrap Up | McGees Property Brisbane

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