Retail and Lifestyle – Function Well, West End

Address: Tenancy beneath Allere Tower, West Village, 97 Boundary Street, West End (Brisbane)

Health and wellness operator Function Well, owned by Darren and Natasha Bain, has secured a 10 year lease over a 3,000 m² four level space beneath the Allere apartment tower within West Village. The flagship venue, opening in April 2026, will include 24 hour training zones, recovery facilities, yoga and pilates studios, and a business lounge. The lease highlights continued demand for high experience tenants in premium mixed use precincts in Brisbane’s inner south (Herde, 2025).

Hospitality and Retail – Alfi Eatery and Bar, Everton Park

Address: Park Lane Dining Precinct, Everton Plaza, 791 Stafford Road, Everton Park (Brisbane)

The Ghanem Group Hospitality has commenced fit out for Alfi Eatery and Bar, an 800 m² 350 seat Mediterranean inspired venue due to open in mid 2026. The venue, within the redeveloped Park Lane dining precinct, will be the largest hospitality tenancy at Everton Plaza and the group’s first suburban operation. This move underscores confidence in Brisbane’s suburban lifestyle and dining markets (Herde, 2025).

CBD Retail and Strata – Hospitality Group Acquisition, Brisbane City

Address: Lots 2 and 3, Ground Floor, Spire Residences, 550 Queen Street, Brisbane City

A fast growing Asian hospitality group has purchased two retail strata lots totalling 215 m² for $2.45 million. The sale achieved $11,395 per m² and reflects ongoing owner occupier demand in Brisbane’s CBD strata market. More than 90 per cent of recent CBD strata transactions are now to owner occupiers (Herde, 2025).

Development and Land – Ausbuild, South Ripley

Address: 58–116 Coleman Road, South Ripley (Ipswich)

Master planned community specialist Ausbuild has acquired a 64.74 ha site for $45 million, with capacity for up to 500 residential lots. The $400 million project will dedicate 30 ha to conservation and 5.5 ha to parklands. The transaction attracted eight formal offers, highlighting strong demand for development land in Ipswich’s southern growth corridor (Herde, 2025).

Star Entertainment Takeover Approved

The Queensland Government has approved Bally’s Corporation and Investment Holdings to acquire Star Entertainment, operator of Queen’s Wharf Brisbane and The Star Gold Coast. The approval by the Office of Liquor and Gaming Regulation provides operational certainty and supports continued investment in Queensland’s integrated resort sector. For the commercial property sector, the acquisition is significant. It ensures continuity for the Queen’s Wharf Brisbane precinct, one of the most valuable integrated resort and mixed-use developments in the state, and supports ongoing employment, retail, and hospitality leasing within the broader Brisbane CBD. The approval also reinforces Queensland’s attractiveness for large-scale international investment in tourism and entertainment infrastructure, a key driver for both commercial and hospitality property demand across Southeast Queensland (Davis, 2025a).

Civil Development Costs Rising Across SEQ

Construction and land development costs across Brisbane and South East Queensland have continued to escalate through 2025, driven by sustained material price inflation, labour shortages, and an expanding infrastructure pipeline. According to Turner & Townsend’s International Construction Market Survey (2025), Brisbane remains the most expensive city in Australia to build in, with average costs now reaching approximately $5,009 per m², reflecting increases across all major project categories (Turner & Townsend, 2025).

Master Builders Queensland (2025) has similarly reported persistent supply and labour constraints impacting project delivery timelines and cost stability. Prices for key inputs such as concrete, steel, and asphalt have risen substantially since the pandemic, with average lead times for critical materials remaining well above pre-2020 levels. The industry body notes that the combination of high demand, workforce shortages, and regulatory delays continues to challenge residential and commercial developers alike.

Broader market commentary from Domain (2025) warns that construction costs could climb further as Brisbane’s infrastructure program accelerates in preparation for the 2032 Olympic Games. The anticipated surge in government-backed civil and transport projects is expected to heighten competition for resources, potentially driving further price escalation in the private sector.

For commercial property, the continued rise in construction and servicing costs may prove advantageous. As new development becomes more expensive, the relative value of established commercial and mixed-use assets is likely to strengthen, supporting higher occupancy rates, steady rental growth, and greater capital value resilience across key Brisbane and South East Queensland precincts.

Montague Road Named One of the World’s Coolest Streets

Address: Montague Road, West End (Brisbane)

Time Out magazine has ranked Montague Road the sixth coolest street in the world, citing its transformation from an industrial corridor into a creative and lifestyle hub anchored by Queensland Ballet, GOMA, boutique retailers, and hospitality venues. The recognition enhances Brisbane’s cultural brand and supports commercial appeal in the West End and South Brisbane corridor (Tassell, 2025).