QLD Commercial Property Weekly Wrap-Up

Market Overview

Queensland’s commercial property market remains resilient, underpinned by infrastructure investment, legal reform, and strategic repositioning.

The 2025–26 Queensland Budget includes $29.3 billion in capital works, with $9.26 billion for transport and $3.67 billion for health infrastructure, driving new growth around key corridors such as the Gold Coast Faster Rail and Sunshine Coast Wave Corridor (Queensland Treasury, 2025; Property Council of Australia, 2025).

Legal reform via the Property Law Act 2023 is also impacting commercial leases, requiring updates to documentation and notification practices (Ensure Legal, 2025). Investor focus remains on value-add assets in undersupplied and high-demand locations (API Magazine, 2025).

This Week’s Highlights

Retail & Neighbourhood Centres

North Ward Shopping Village, 26–28 Mitchell Street, North Ward, Townsville
Listed via Expressions of Interest, this neighbourhood centre includes 23 specialty stores anchored by Coles and McDonald’s. The property also includes adjacent retail along Eyre Street. CBRE is reporting strong investor interest due to the high trading performance of the anchors (Smith, 2025).

Service Stations

Chevron/Caltex Service Station, 43 Queen Elizabeth Drive, Berserker, Rockhampton
Sold for $5.6 million. The site spans 1,733 sqm and includes a secondary retail tenancy. Chevron holds a 15-year lease through to December 2030, with a yield of 7.67%. High visibility and a full net lease make this a secure regional investment (Herde, 2025).

Mixed Use, Retail

Bundall Retail & Dining Complex, 130 Ashmore Road, Bundall, Gold Coast
Sold at auction for $13.4 million. The precinct includes Bambino’s Italian Restaurant, a BP service station, and several other commercial tenancies. The tightly held site attracted eight bidders and over 100 enquiries (Potts, 2025).

Industrial, Office-Warehouse

22 Gore Street, Albion, Brisbane
Acquired off-market for $4.5 million by Underground Holdings. The 840 sqm building sits on an 810 sqm site and includes basement parking. The property will undergo refurbishment prior to leasing. It adjoins the buyer’s other holding at 9–19 Bimbil Street, purchased earlier this year (Herde, 2025).

Leasing & Office Market Activity

Energy Queensland Headquarters Search

Currently located at Energex House, 26 Reddacliff Street, Newstead, Energy Queensland is seeking 16,000–18,000 sqm of A-grade office space with a target move-in by 2030. Potential new developments under consideration include:

• North Tower, Waterfront Brisbane, 1 Eagle Street (Dexus)
• 60 George Street, Brisbane (Charter Hall, proposed)
• Edward Street Heritage Project, Brisbane CBD (JGL Properties)

(Herde, 2025)

Queensland Building and Construction Commission (QBCC)

Will relocate into 80 Ann Street, Brisbane CBD, occupying 4,200 sqm across two floors in space formerly leased by Suncorp (Herde, 2025).

Australian Federal Police (AFP)

Is searching for a new Brisbane CBD office to replace its current tenancy at 45 Commercial Road, Newstead (Herde, 2025).

ANZ Bank

Is reportedly in the market for 12,000–15,000 sqm of Brisbane CBD office space. The requirement is tied to its broader Queensland strategy, including a future tech hub (Herde, 2025).

Flight Centre

Will remain in its existing headquarters at 275 Grey Street, South Brisbane, following an internal review (Herde, 2025).

General News

Vertical Intensification and Airspace Rights

Airspace development is emerging as a viable strategy for commercial property owners. Rooftop airspace can now be leased or sold for development of residential, recreational or commercial uses, unlocking value from otherwise unused space (Johnson, 2025).

Commercial Implications:

• Enables vertical additions on office and retail assets.
• Facilitates capital works through shared profit models.
• Complexity around planning and tax requires structured advisory.

SMSF Investment Strategy Risks

A financial modeller found that SMSF property investment may underperform standard superannuation strategies by over $1 million over 15 years, largely due to high entry costs, limited leverage, and tax inefficiencies (Neil, 2025).

• Commercial SMSF strategies may still suit business owner-occupiers or those with large balances.

Planning Conflict – “The Hills”, Ashmore

Churchill Development Group’s proposed project at 5–9 Reed Street, Ashmore, has drawn community objection. The plan includes three towers (one 10-storey, two 7-storey) with over 210 apartments and 1,420 sqm of commercial and retail space. The former Ashmore Seafood and Steakhouse site has been vacant since 2022. A decision by Gold Coast City Council is unlikely before 2026 (Potts, 2025).

Final Take

This week’s activity highlights several persistent themes:

• Strong demand for secure, income-producing assets in retail and fuel sectors.
• CBD and fringe leasing activity led by large occupiers is reshaping Brisbane’s office pipeline.
• Airspace and intensification strategies are gaining traction amid land scarcity.
• Planning tensions and regulatory shifts continue to shape project feasibility.
• Budget-led infrastructure spend is reshaping growth corridors with long-term commercial upside.