Overview

Queensland’s commercial property market kept up its strong pace this week, with a variety of deals across retail, office, industrial, and hotel sectors. Investor demand is holding steady in Brisbane’s growth corridors, while regional markets like Townsville and the Gold Coast continue to attract solid interest. This week’s activity ranges from major retail centre sales and long-term leases to industrial expansions and landmark hotel acquisitions — all signs of a confident, evolving market.

Key Highlights

• Retail: Portside Wharf sells for $59.4 million; Brendale retail centre changes hands for $13.225 million.

• Office: North Lakes gym building sold; Carindale lease marks major office consolidation.

• Industrial: United Rentals signs big lease at Brisbane Airport; new sites snapped up in Kedron and Townsville.

• Hotel & Leisure: Vibe Hotel Gold Coast fetches over $60 million; Redcape buys four pubs on the Sunshine Coast.

Retail

170 Kremzow Road, Brendale

A fully leased large-format retail centre in Brendale has sold for $13.225 million to a NSW-based family. Built in 2021, the 3,455 sqm property sits on a prominent 7,370 sqm site with 87 car parks. National tenants include Autobarn, Silly Solly’s, Pets Domain, and The Salvation Army. It sold on a 6.14% yield, at a building rate of $3,827 per sqm. Located 25 km north of Brisbane, the property benefits from its proximity to the rapidly growing Caboolture West development zone.

Portside Wharf, Hamilton

Centennial has picked up the Portside Wharf retail precinct from Brookfield for $59.4 million. The waterfront site includes 68 tenancies across 13,731 sqm, nearly 400 car spaces, and a “wet lease.” It’s currently 83% leased, delivering $4.2 million in net rent — a 7.1% yield that could rise to 11.4% once fully occupied.

438 Wickham Street, Fortitude Valley

Furniture and homewares brand MCM House is opening its new Queensland flagship showroom in Fortitude Valley. It’s leasing a 716 sqm space (including 100 sqm of storage) on a busy corner site near the train station. The rent is around $200 per sqm gross.

Office

44 Flinders Parade, North Lakes

A private investor has purchased the World Gym North Lakes building for $8.16 million. The 2,411 sqm property sits on 4,591 sqm of land, includes 121 car spaces, and has 50 metres of frontage. It’s leased on a secure 10-year term, generating $502,925 in net annual income — roughly a 6.2% yield.

2 Millennium Boulevard, Carindale

4Front Accountants has leased the entire top floor (1,262 sqm) of the Millennium Centre in Carindale on a five-year term. The lease, valued at $512,000 gross per year, includes 14 car spaces. The firm is consolidating operations from several offices and will move in this month.

Industrial

Brisbane Airport

United Rentals has locked in a 15-year lease at Brisbane Airport’s industrial precinct. The 3.7-hectare site will house a 14,000 sqm container yard, a 6,835 sqm workshop, and 600 sqm of offices. It’ll be their largest greenfield site in Australia and is expected to be up and running by Q3 2025.

344 Fison Avenue East, Eagle Farm

The Potter Group has bought this 3,710 sqm site for $5.6 million and plans to redevelop it into a high-end industrial strata complex. Located in the tight-supply TradeCoast area, it was the only industrial site with vacant possession available at the time.

69 Bristol Road, Kedron

Melissa and Wade Woodcroft have purchased a mixed-use property in Kedron for $2.8 million. Sitting on 810 sqm, the space includes office, showroom, and warehouse areas. It’s zoned for low impact industry, and the couple plans to give it a New York loft-style makeover for their own businesses.

646–658 Ingham Road, Mount Louisa (Townsville)

Quanta Investment Funds has bought an 8,217 sqm warehouse for $10.6 million via its Ingham Road Industrial Trust. The site is about 8 km west of Townsville’s CBD and is leased to AMA Group, Shamrock Civil, and Carroll Engineering Services. With only 26% site coverage, there’s also room for further development.

Hotel & Leisure

42 Ferny Avenue, Surfers Paradise

The Vibe Hotel Gold Coast has been sold by Malaysian billionaire Robert Kuok to KS Hotels for just over $60 million — around 20% above the asking price. The deal includes the 199-room hotel, Surfers Pavilion, and a marina with 90 metres of river frontage. It adds to KS Hotels’ luxury portfolio in Thailand and Australia.

Sunshine Coast Pub Portfolio

Redcape Hotel Group has snapped up four Sunshine Coast pubs from Maeva Hospitality in a deal worth about $80 million. The package includes Bli Bli Hotel, Baringa Tavern, Parklands Tavern, and Brightwater Hotel, plus nine bottle shops. With over $63 million in annual turnover and 58 gaming machines, the portfolio boasts a weighted average lease expiry (WALE) of over 45 years.

Final Take

This week’s deals show that Queensland’s commercial property market remains in solid shape. Big-ticket retail and hotel assets are moving, long-term leases are being locked in, and developers are still hunting for value-add opportunities. Whether it’s the city or the regions, investors are backing Queensland’s growth story — and for now, momentum is clearly on their side.

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

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