No Rate Cut for Christmas

The Reserve Bank of Australia (RBA) has maintained the cash rate at 4.35% for the ninth consecutive meeting, aligning with market expectations. However, a subtle shift in the RBA’s language has led to increased speculation about a potential rate cut in early 2025 (The Australian)

In its December statement, the RBA expressed “some confidence” that inflation is returning to target, omitting previous references to the necessity of keeping policy restrictive. This change suggests a more dovish stance, with markets now pricing in a higher probability of a rate cut as early as February (Reuters).

The RBA’s decision reflects a response to weaker-than-expected economic data, including subdued wage growth and a slowdown in consumption. Governor Michele Bullock noted that while the labour market remains resilient, the Board is attentive to evolving economic conditions and remains vigilant to upside risks to inflation (The Australian).

For the commercial property market, the possibility of lower interest rates could be a positive development. Lower borrowing costs would make it easier for investors and developers to finance new projects, potentially boosting demand for commercial properties. However, the current high rates have already slowed activity, as higher costs discourage investment.

If the RBA reduces rates in early 2025, it could help revive the commercial property market by improving affordability and encouraging more transactions. Still, it depends on how the economy performs in the coming months and whether inflation stays under control.

Queensland Retail and Office Sector Update

Australian retail properties have outperformed other sectors over the past year, delivering a 12-month return of 2.4%, an increase from the previous year’s 1.9%. In contrast, the industrial sector saw a modest return of 0.7%, while the office sector experienced a decline of 8.6% due to high vacancy rates and a widening performance gap between premium and secondary assets.

The resilience of retail properties is attributed to their adaptability and the sustained demand for physical retail spaces, even amidst the rise of e-commerce. Conversely, the office sector’s challenges stem from evolving work patterns and tenant preferences, leading to increased vacancies and a pronounced disparity between prime and secondary office spaces.

In Queensland, the retail property market has shown robust performance. Retail sales reached approximately $7.39 billion in May 2024, marking a 2.6% year-on-year increase (CBRE Australia).

However, Brisbane’s retail sector faces challenges, with vacancy rates rising to 19.2% in the first half of 2024, the highest since 2018(Courier Mail).

The office sector in Queensland presents a mixed outlook. Vacancy rates have decreased to 9.5%, down from 10.5% in the previous quarter, indicating a potential recovery(NAB Business)

Nonetheless, the sector grapples with high vacancies and a significant performance gap between prime and secondary assets.

Overall, while the retail property sector in Queensland demonstrates resilience, the office sector faces ongoing challenges. Investors are advised to consider these dynamics when making investment decisions in the state’s commercial property market.

Summary of This Week’s Commercial Transactions in Queensland

This week’s commercial property market in Queensland displayed robust activity across office and industrial sectors. Investors are focusing on well-leased properties, strategic locations, and assets with development potential. Key transactions included significant office sales in Moorooka and Kedron, as well as notable industrial acquisitions at Brisbane Airport and Caloundra West. Below is an overview of the week’s major transactions.

Office Transactions

Moorooka, QLD

· Address: 915 Ipswich Road

· Price: $3.9 million

· Details: A two-storey, 1,032 sqm building was acquired by Allvey Property Group. The property features exposure to over 70,000 vehicles per day and secure parking for up to 14 vehicles. Deaf Connect will lease back the property until February 2025, after which Allvey plans upgrades for a single-tenant use.

Kedron, QLD

· Address: 558 Gympie Road

· Price: Approximately $5 million

· Details: A two-storey, 640 sqm office building was purchased by a private entity linked to Ray White. The site features 16 car parks and currently houses multiple tenants, with plans for Ray White Chermside to occupy the first floor.

Gatton, QLD

· Address: 13 Railway Street

· Price: $969,000

· Details: A 295 sqm retail banking property leased to Westpac Banking Corporation was sold. The property has been occupied by Westpac since 1990, generating an annual net income of $80,196.42 and featuring a lease term until 2026 with options for renewal.

Industrial Transactions

Brisbane Airport, QLD

· Address: 65 & 75 Pandanus Avenue

· Price: $20.9 million

· Details: Alliance Airlines acquired two adjacent hangars totaling 10,190 sqm on a 24,200 sqm combined site. This strategic acquisition enhances their operational capacity at Brisbane Airport.

Caloundra West, QLD

· Address: 3 Lynne Street

· Price: $1.5 million

· Details: A 525 sqm warehouse on a 1,181 sqm site was sold. The property includes high-clearance roller doors, air-conditioned office space, mezzanine storage, and redevelopment potential, making it attractive for both business use and investment.

Arana Hills, QLD

· Address: Corner of Dawson Parade and Patrick’s Road

· Price: $2.4 million

· Details: A single-tenant allied health facility leased to National Dental Care was acquired. The property offers a secure seven-year lease and achieved a yield of 5.88%.

Summary

This week’s transactions highlight continued interest in Queensland’s commercial property market, particularly in office and industrial sectors. Investors are capitalising on assets with strong tenant covenants and redevelopment potential, while strategically located properties with long-term leases remain highly sought after.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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Summary of This Week’s Commercial Transactions in Queensland

This week’s commercial property market in Queensland displayed significant activity across retail, industrial, office, and hospitality sectors. Investors continue capitalising on strategic locations, stable lease agreements, and redevelopment opportunities. Notable sales include a historic Sandgate property transformed into a gastro-pub, key industrial sites in Ipswich and Burleigh Heads, and hospitality venues like the Pioneer Hotel in Kulpi, which plays a vital role in its local community. Here is an overview of the major transactions.

Retail

Arana Hills, QLD

Address: 270 Dawson Parade

Details: A local private investor acquired the Arana Hills Red Rooster for $2,385,220. The 215 sqm quick-service restaurant, located within Patrick’s Place strata complex, is leased to Craveable Brands Ltd under a 10-year agreement, achieving a 5.5% yield.

Industrial

Ipswich, QLD

Details: The first stage of the BrisWest industrial estate saw 11 out of 24 blocks sold, generating nearly $24 million. The 130-hectare development is located at the Cunningham Highway and Redbank Plains Road intersection and is expected to create over 8,000 jobs.

Burleigh Heads, QLD

Address: 2 Cahill Court

Price: $2,475,000

Details: A 450 sqm warehouse on 1,012 sqm of land was sold to an investor. The property features high clearance, multiple driveways, and potential for split tenancies, located with easy access to the M1 Motorway.

Darra, QLD

Address: Unit 9, 2676 Ipswich Road

Price: $1,600,000

Details: A freestanding 330 sqm industrial unit with modern facilities and high exposure to the Ipswich Motorway was sold to an owner-occupier.

Office

Goondiwindi, QLD

Price: $3.7 million

Details: A Services Australia-tenanted building sold for $3.7 million. The 2010-built property boasts a 5 Star NABERS rating and a new seven-year lease with the Commonwealth government.

Springwood, QLD

Address: 16 Cinderella Drive

Price: $5.1 million

Details: A 1,538 sqm office building was acquired by Image Realty. The property features healthcare tenants and 39 secure car spaces, offering stable income in Brisbane’s southern corridor.

Hospitality

Kulpi, QLD

Address: 22 Oakey – Cooyar Road

Price: Around $100,000

Details: The Pioneer Hotel, a community hub for the agricultural region, is fully equipped with a commercial kitchen, bar, and accommodation facilities. It continues to play a pivotal role in local events and social gatherings.

Sandgate, QLD

Address: 1 Bowser Parade

Details: The historic Sandgate Post Office building, built in 1887, sold for $4.1 million. The property has been transformed into an elegant gastro-pub featuring a main bar, whiskey vault, and alfresco dining.

This week’s transactions underscore the resilience of Queensland’s commercial property market, with investors actively seeking opportunities across diverse asset classes. From strategically located retail and industrial sites to regionally significant hospitality and office assets, demand remains strong for quality investments offering stability and growth potential.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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Office

• Brisbane, QLD
  Address: 1/191 George Street
  Details: 111 Architectural Studio leased a 114 sqm office space on a two-year term for $37,500 per year net plus GST.
• Brisbane, QLD
  Address: 145 Ann Street
  Details: Aware Super acquired this 27-level A-grade office tower for $215.5 million. The property boasts high-grade environmental credentials and is a significant addition to Aware Super’s $3 billion property portfolio.
• Fortitude Valley, QLD
  Address: 88-96 Warren Street
  Details: A two-storey office building with a net lettable area of 1,801 sqm on a 2,335 sqm site was sold for $14.4 million plus GST. The property has a 15-storey height allowance and offers flexible zoning for a range of uses.

Industrial

• East Brisbane, QLD
  Address: 187 Wellington Road and 50-52 Manilla Street
  Details: Sentinel Property Group sold a fully leased 1,503 sqm property for $5.5 million. The site includes mixed-use zoning, dual street frontage, and generates $298,875 in net annual income with a yield of 5.43%.
• Townsville, QLD
  Details: Sentinel Property Group acquired a 5,441 sqm development site for $1.25 million to support the expansion of an adjacent facility.

Retail

• Mermaid Beach, QLD
  Address: 2/51 Peerless Avenue
  Details: A 111 sqm retail property on the ground floor of the Neo building sold for $850,000. It includes 79 sqm of internal space and a 32 sqm outdoor area, ideal for a café.
• Currajong, QLD
  Address: Tenancy 2, 232 Woolcock Street
  Details: NQ CARE leased a 1,289 sqm large format retail space for an emergency and specialist veterinary hospital. The five-year lease includes two three-year options at $190 per sqm plus GST.

These commercial property transaction activities in Queensland highlight diverse investment opportunities. Significant office transactions reflect strong institutional interest in Brisbane’s CBD, while industrial and retail deals demonstrate demand for both leased and development-ready assets. With standout sales across Brisbane and Townsville, the market shows resilience and growth potential.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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This week’s commercial property activity in Queensland showcases robust developments and significant transactions across multiple sectors, including hospitality, office, and industrial spaces. These events highlight Queensland’s appeal to investors and developers alike, from the acquisition of a significant holiday park in Avoca to the announcement of an innovative carbon-neutral office project in Townsville. Below is a summary of the notable developments and transactions.

This week’s Commercial Transactions in Queensland

Hotel & Hospitality

• Avoca, QLD
  Address: 94 Twyford Street
  Details: The Big 4 Cane Village Holiday Park was acquired by a private owner for over $7 million. The 1.8-hectare site features 106 sites, including powered campsites and cabins, and generates $1.3 million in annual revenue. The property also has DA approval for conversion into a 105-site manufactured home estate.

• Toowoomba, QLD
  Address: 296 Ruthven Street
  Details: The Spotted Cow Hotel was sold to Ben White for an estimated $5–6 million. The buyer plans to preserve the hotel’s heritage while enhancing guest experiences.

Office

• Enoggera, QLD

• Address 19/254 South Pine Road

• Details: Parklee Wellness leased a 146 sqm office unit for two years, paying $31,000 net per annum plus GST.

• Springwood, QLD
  Address: 16 Cinderella Drive
  Details: A 1,538 sqm office building was acquired by Image Realty for $5.1 million. The property features healthcare and medical tenants, flexible floor plates, and modern amenities.

• Mitchelton, QLD
  Address: C/6 Blackwood Street
  Details: Hermes Synergies signed a three-year lease for an 80 sqm office at $40,000 gross per annum plus GST.

• Fortitude Valley, QLD
  Address: 88-96 Warren Street
  Details: An education provider purchased a two-storey, 1,801 sqm office building for $14.4 million. The site, located near the Brisbane CBD, will be repurposed as an education hub.

• Townsville, QLD
  Address: 158 Walker Street
  Details: Castlerock has commenced construction on a 6,500 sqm carbon-neutral A-grade office building. Expected to be completed by mid-2026, the building will feature a 6-star NABERS energy rating, advanced green technologies, and a rooftop solar array. It will also provide retail space and join Castlerock’s Government Property Fund, which comprises $525 million in assets, 96% leased to state or Commonwealth governments.

Industrial

• North Lakes, QLD
  Address: 2/26 Flinders Parade
  Details: C & A QLD leased a 241 sqm industrial unit for five years at $55,000 net annually plus outgoings and GST.

• Morningside, QLD
  Address: 2/525 Lytton Road
  Details: One Solution Building Services signed a three-year lease for a 430 sqm warehouse and office at $85,000 annually.

• Acacia Ridge, QLD
  Address: 17 Iris Place
  Details: Sugar Research Australia secured a five-year lease for a 3,068 sqm office and warehouse facility. Following significant upgrades, the site will house research and testing activities.

Summary

This week’s activity demonstrates Queensland’s strong commercial property market, bolstered by diverse investment opportunities across the state. The launch of a sustainable office project in Townsville, significant hospitality acquisitions, and industrial leases reflect growing confidence in Queensland’s development potential. These developments underscore the state’s ability to attract local and interstate investors, highlighting its position as a innovation, sustainability, and growth leader.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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This week’s commercial property transactions in Queensland reveal a healthy appetite across various sectors, with notable activity in Retail, Office, and Industrial spaces. Investors are showing keen interest in established office locations close to Brisbane’s CBD, while suburban and regional properties continue to attract tenants due to affordability and accessibility.

Industrial assets remain a standout in the market, with properties offering versatile layouts and prime positioning in high demand, particularly in areas with growing logistical needs. Retail transactions reflect ongoing confidence in popular, high-traffic areas such as Brisbane’s West End. These transactions illustrate the resilience of Queensland’s commercial property market, with strategic investments and leases underscoring the region’s appeal for long-term growth and stable returns.

Here is a breakdown of the week’s key commercial transactions by sector and location.

Retail

1. West End, QLD

• Location: 5/349 Montague Road

• Tenant: Academy of Grounding

• Lease Terms: Two-year lease with an option

• Rent: $67,000 net per year

• Commentary: The West End’s inner-south location in Brisbane continues to attract tenants, highlighting demand for accessible retail spaces in vibrant neighbourhoods. This lease also reflects West End’s appeal to small businesses seeking high visibility and foot traffic in an established area.

Office

1. Spring Hill, QLD

• Location: 12/541 Boundary Street

• Buyer: Victorian private investor

• Price: $1.39 million

• Details: 199 sqm office space with a balcony and three car parks; leased to an architectural firm with a net income of $93,575 and a yield of 6.73%.

• Commentary: Located close to Brisbane’s CBD, Spring Hill’s evolving healthcare and commercial landscape is making it an increasingly attractive investment area. The property’s stable returns and established tenant profile add to its appeal for long-term investors.

2. Mitchelton, QLD

• Location: 520 Samford Road

• Buyer: KC Dry Cleaning

• Price: $1.55 million

• Details: 1,197 sqm site with an option for a five-year lease renewal and a yield of 4.75%.

• Commentary: This transaction illustrates the value of long-term tenancies in established neighbourhoods. With its prime location and a long-standing tenant, the site provides a steady income and capital growth potential.

3. Chermside, QLD

• Location: 3/6 Corrie Street

• Tenant: Clean Homes Australia

• Lease Terms: 12 months

• Rent: $20,000 gross per year plus GST

• Commentary: Demand for smaller office spaces remains strong in suburban markets like Chermside, which provides affordable and flexible options for small businesses. This lease reflects ongoing demand for accessible office spaces outside the CBD.

Industrial

1. Milton, QLD

• Location: 25 Parkview Street

• Buyer: David Mullins Automotive

• Price: $3.085 million plus GST

• Details: 519 sqm of warehouse and office space on an 811 sqm site with dual container-height roller doors.

• Commentary: This sale underscores the scarcity of industrial properties near the CBD with flexible configurations. Given Milton’s proximity to Brisbane’s core, such properties are highly valued by businesses requiring easy access to both industrial functionality and urban amenities.

2. Baringa, QLD

• Location: 7-13 Carnegie Street, Aura Business Park

• Tenant: Sydney Tools

• Lease Terms: Seven-year lease

• Rent: Approximately $250 per sqm

• Commentary: As a national retailer, Sydney Tools’ expansion to Baringa highlights the strong demand for strategically positioned industrial spaces on the Sunshine Coast. This area is becoming a hub for large-format retailers and warehousing, benefiting from growing residential and business development in the region.

3. Townsville, QLD

• Location: 647 Flinders Street

• Tenant: Dawn Services

• Lease Terms: Seven-year lease

• Rent: $207 per sqm net

• Commentary: This fully renovated warehouse and office property reflects the growing need for disability support service spaces. The landlord’s investment in modern fit-out and accessibility upgrades is well-aligned with tenant requirements, showcasing the benefits of adaptive property improvements in securing long-term tenants.

These transactions indicate a strong commercial property market in Queensland, with suburban and regional locations drawing interest from both tenants and investors. The industrial sector, in particular, remains robust, with high demand for well-located properties offering functional, modern spaces.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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This week’s Queensland commercial property transactions reveal strong investor interest across office and industrial sectors. High-value acquisitions in the CBD and suburban areas show continued demand for well-leased, income-generating assets, particularly those with established tenants. Strategic sites in Brisbane’s western corridor saw impressive gains in the industrial market, reinforcing the area’s appeal for logistics and supply chain operations. These transactions highlight the resilience and attractiveness of Queensland’s commercial property market amidst economic shifts.

Office Transactions

Underwood, QLD

Property: Four adjoining commercial strata lots (3105 to 3108), Portal Office Park, 2994 Logan Road

Buyer: Interstate investor

Price: $3.5 million

Details: These 699 square metres are fully leased to Uniting Care Queensland, a tenant with a 15-year history at the property and a lease extending another five years with options. The property sold at a yield of 7.99%, making it an attractive investment with steady income and long-term tenant security. This sale highlights ongoing interest in stable assets, especially those with government-backed tenants, amid a market where reliable office investments remain scarce.

Chermside, QLD

Property: Office unit, 80 square metres, 2/598 Rode Road

Tenant: DC Construction Services

Lease Term: Three years

Rent: $28,000 net per annum plus GST and outgoings

Commentary: This smaller office lease shows the steady demand for flexible office spaces in suburban areas like Chermside, where businesses benefit from lower rents compared to the CBD. Smaller spaces like this also cater to firms adapting to hybrid working models while maintaining a professional presence.

Brisbane CBD

Property: 27-storey office tower, 145 Ann Street

Buyer: Aware Super (in advanced talks)

Expected Price: Approximately $200 million

Details: Aware Super’s pending acquisition of this A-grade tower marks the first major CBD office purchase by a super fund in Brisbane in nearly five years, signalling renewed institutional interest in Brisbane’s office market. The sale, reflecting a near 8% decline from its recent valuation, underlines the market’s price adjustment phase. This move by Aware Super may also suggest a belief in the long-term resilience of premium CBD assets.

Holland Park, QLD

Property: Two-level office building, 930 Logan Road

Buyer: Investor

Price: $3.05 million

Details: With 400 square metres leased to Ray White on a new five-year lease, this investment achieved a yield of 5.9%. Situated in Brisbane’s southern suburbs, this property demonstrates investor appetite for stable, suburban office assets leased to established businesses. The yield and tenant history provide appealing risk-adjusted returns for long-term holders in a cautious office market.

Industrial Transactions

Bowen Hills, QLD

Property: Warehouse and office, 307 square metres, 5/100 Campbell Street

Tenant: Allo Creative

Lease Term: Three years with an option

Rent: $76,000 gross per annum

Commentary: This lease in Brisbane’s inner north highlights the demand for mixed-use industrial and office spaces within proximity to the CBD. Smaller industrial spaces are particularly valuable for creative and tech businesses that require flexible environments near urban centres, blending accessibility with affordability.

Brisbane Airport, QLD

Property: Office space, 313 square metres, B3/2 Leonardo Drive

Tenant: Alstef Australia

Lease Term: 12 months

Rent: $80,000 net plus outgoings and GST

Commentary: Brisbane Airport’s industrial precinct continues to attract short- to medium-term tenants seeking logistical convenience and flexibility. Properties like this one offer strategic positioning, especially for tenants with distribution or supply chain requirements that benefit from proximity to the airport.

Richlands, QLD

Property: 3.13-hectare industrial site, leased to Grays E Commerce Group Ltd

Seller: Centuria Capital

Price: $26.75 million

Details: Situated within Brisbane’s high-demand western corridor, this 13,763-square-metre site saw considerable value growth, selling for nearly $11 million above its 2018 purchase price. The area has benefited from rental growth and low vacancy, making such strategic holdings attractive. Centuria’s sale showcases the demand for well-located industrial sites, especially as businesses increasingly look for properties that support robust logistics infrastructure.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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This week’s commercial property transactions in Queensland showcase substantial investments across the industrial, office, and hospitality sectors. Buyers target well-located assets that promise strong returns and redevelopment potential. Below is a detailed account of the week’s notable deals, reflecting diverse investor interest across key locations.

Industrial

• Hemmant, QLD
  Address: 34-36 Porter Street and 37, 39, and 47 Henricks Street
  A concreting business purchased 14 lots in the Australia TradeCoast precinct for $6.1 million, with future redevelopment in mind. Spanning 6,020 sqm, these properties are currently leased to a mix of civil contractors and industrial users.
• Maroochydore, QLD
  Address: Lots 1 and 2/7 Kelly Court
  Investors acquired two 275 sqm warehouses on the Sunshine Coast for a combined $1,095,000, showing continued interest in the region’s industrial assets.
• Kunda Park, QLD
  Address: 1/34 Hitech Drive
  An owner-occupier purchased a vacant 301 sqm warehouse for $775,000, adding to the demand for smaller, adaptable industrial spaces in the Sunshine Coast region.
• Caboolture, QLD
  Address: 39 Alta Road
  A Sunshine Coast investor acquired a tilt panel warehouse for $3.45 million and leased it to Sinaboom Intelligent Equipment within 48 hours of settlement on a five-year lease at $175 per sqm net. The property includes 1,300 sqm of net lettable area on a 2,252 sqm plot.

Hotel & Hospitality

• Fortitude Valley, QLD
  Address: 33 Amelia Street
  A family investment vehicle purchased the freehold and operation of the Amelia Hotel for $4.5 million. This 405 sqm property, which includes 17 guest rooms, a café, bar, and a manager’s residence, was previously listed in 2021 and has since attracted substantial interest from investors.

Office

• Newstead, QLD
  Address: 2/104 Breakfast Creek
  Heritage Conveyancing purchased a 172 sqm office suite for $975,000 plus GST, highlighting ongoing demand for commercial office spaces in Brisbane’s northern suburbs.
• Mackay, QLD
  Address: 9 Tennyson Street
  Quanta Investment Funds expanded its portfolio by acquiring a fully leased, 1,778 sqm office building in Mackay’s CBD for $6.625 million. The building has a 5-star NABERS energy rating and is leased to the Queensland government, Caterpillar Inc., and civil engineering firm Pentacon. Recent upgrades, including $2 million in refurbishments, enhance its secure, long-term investment appeal.

Summary

This week’s range of transactions across Queensland highlights the state’s appeal to investors in search of income stability and long-term potential. From prime industrial sites and office buildings in strategic locations to high-yield hospitality assets, Queensland’s property market continues to attract diverse interest, reflecting the state’s growth and resilience across sectors.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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This week, Queensland’s commercial property market has seen notable activity across multiple sectors, including office, industrial, and rural properties. The demand for strategic real estate remains strong from the largest new barristers’ chambers in over a decade in Brisbane’s CBD to significant industrial sales and leases across the state. The rural sector has also seen significant developments, with North Queensland Airports preparing for a $3 billion auction.

Office:

Brisbane, QLD

The largest new barristers’ chambers in Queensland in over a decade has opened at 400 George Street, an A-grade office tower.
George Street Chambers, home to 30 barristers and six readers, was initiated by David de Jersey KC and three coordinating barristers.
The chambers occupy 1,457 sqm on level 29 and will feature a million-dollar-plus fit-out.
A 10-year lease was secured, with the deal struck at around $900 per sqm.

East Brisbane, QLD

A medical owner-occupier has purchased a vacant character building on an inner Brisbane corner for $1.65 million.
The property at 950 Stanley Street offers 300 sqm of net lettable area on 405 sqm of land.

Chermside, QLD

In Brisbane’s northern suburbs, AHL has leased an 86 sqm office unit in a five-year deal.
The lease, located at 2/9 Playfield Street, will generate $50,000 gross per year plus GST.

Industrial:

Woodridge, QLD

Autozone QLD has committed to a five-year lease with an option over a 1,100 sqm warehouse at 15-17 Kingston Road, City of Logan.
The annual rent is $200,000 net plus GST.

Kallangur, QLD

A 191 sqm industrial property in Moreton Bay sold for $718,729 plus GST.
The property is located at 3/10-12 Russell Street.

Warwick, QLD

An owner-occupier in the automotive industry has purchased a 2.17ha office/warehouse property at 56 Kenilworth St, Morgan Park for $3.7 million.
The property, which previously housed News Corp Australia’s printing division, offers expansion potential with low site coverage of 29%. It was sold as vacant possession.

Bundamba, QLD

A private buyer has paid $7 million for a 16,355 sqm fully benched and serviced industrial development site at Lot 3011 Hume Drive, Bundamba.
This transaction highlights the site’s strategic position as one of the last remaining blocks in the western corridor.

Rural:

North Queensland Airports (NQA)
North Queensland Airports, which owns the Cairns and Mackay airports, is being auctioned off for $3 billion.
NQA is forecasted to generate $200 million in revenue and $115 million in EBITDA this financial year, with 84 years left on the 99-year concession.
The sale process is expected to attract strong interest from global investors due to NQA’s recovery from pandemic lows and its extensive land bank of over 1,000 hectares.

Summary:

This week’s property market activity in Queensland reflects strong interest in a variety of sectors. The opening of a new barristers’ chambers in Brisbane’s CBD highlights growth in the legal sector, while industrial property transactions in Logan, Moreton Bay, Bundamba, and Warwick illustrate continued demand for well-positioned warehouse spaces. The forthcoming $3 billion auction of North Queensland Airports is set to be a major event, further underlining the appeal of Queensland’s assets to global investors.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

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This week’s Queensland commercial property market saw significant activity across multiple sectors, including office, industrial, retail, and rural properties. Notable transactions include Sentinel Property Group’s $72 million acquisition of RACQ House, record-setting industrial sales in Brisbane’s southern corridor, and strong rural property demand from local graziers.

Retail

Woody Point, QLD

Buyer: Interstate investor

Sale Price: $3.7 million

Property: 542 sqm ground-floor retail space at 14 Oxley Avenue, with 25 car parks and ocean views

Commentary: An iconic beachside retail investment, fully leased to four tenants, was sold for $3.7 million. The property, located in the popular tourist destination of Woody Point, attracted multiple offers through a successful expressions of interest campaign. Generating a net income of $301,856 per annum with a WALE of 3.1 years, the property offers a stable investment opportunity. The prime waterfront location, next to the newly refurbished Belvedere Hotel and Woody Point Jetty, made this investment highly attractive to interstate buyers.

Office

Brisbane, QLD

Buyer: Sentinel Property Group

Sale Price: $72 million

Property: 60 Edward Street (RACQ House), a 15-storey, 11,000 sqm office building

Commentary: Purchased with a 9.34% yield, Sentinel Property Group acquired the property below the estimated replacement cost of $152 million, with plans to hold it within its Sentinel 2032 Investment Fund.

Eagle Farm, QLD

Tenant: Redback Recruitment Pty Ltd

Lease Details: Two-year lease for 92 sqm office space at 13B/43 Links Avenue, Gateway Executive Park

Rent: $28,000 gross per annum plus GST

Commentary: The office space in Brisbane’s eastern suburbs continues to attract tenants with its strategic location and accessibility to the city.

Industrial

Coopers Plains, QLD

Buyer: Local landscaping company

Sale Price: $1,690,000

Property: 284 sqm industrial property at 47 Weaver Street

Commentary: The sale set a record for the area, achieving $5,951 per sqm, underscoring the growing demand for industrial space in Brisbane’s southern corridor ahead of the 2032 Olympic Games.

Caboolture, QLD

Sale Price: $2,937,500

Property: A 4,011 sqm industrial site at 24 Commercial Drive, with a 1,300 sqm workshop

Tenant: Northside Diesel (Truck and 4×4 mechanics)

Lease Details: The lease returns $175,000 per annum

Commentary: The sale of this industrial site north of Brisbane highlights the strong demand for leased assets. Northside Diesel, a truck and 4×4 mechanics business, provides a stable income from its long-term lease.

Seventeen Mile Rocks, QLD

Buyer: Private investor

Sale Price: $1.5 million

Property: A freestanding office/warehouse facility located at 16 Sinnamon Road, offering 650 sqm of space on a 1,050 sqm site

Commentary: This rare freestanding industrial facility, featuring a 5-tonne gantry crane, clear-span warehouse, and well-presented office space, was sold with vacant possession. The property, located in the sought-after Seventeen Mile Rocks precinct, offers immediate access to the Centenary Highway and Ipswich Motorway, making it a prime asset for investors or owner-occupiers looking to capitalise on the strong demand for well-located industrial space.

Rural

Fairfield Aggregation, Central Queensland

Buyer: Various buyers

Sale Price: Over $150 million total

Properties:

• • Fairfield Station (10,522 ha for $49 million)
  • Kurrajong Park (3,237 ha for $26.1 million)
  • Wongaburra (2,423 ha for $12 million)

Commentary: The sales from the Ray Scott portfolio saw strong interest from local graziers, demonstrating robust demand for premium grazing land in Queensland’s cattle industry.

These transactions reflect a strong appetite for prime real estate across various sectors in Queensland, from urban office spaces to rural cattle properties.

Queensland continues to attract a diverse range of buyers, from private investors and interstate buyers to local graziers. Transactions reflect strong demand across office, industrial, retail, and rural properties. Standout deals include Sentinel Property Group’s acquisition of a major office building in Brisbane, record-setting sales in Coopers Plains, and the sale of prime rural grazing land in Central Queensland.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

Liability Limited by a Scheme approved under Professional Standards Legislation

This week’s commercial property market in Queensland saw a diverse range of transactions across development, industrial, office, retail, and rural sectors. Significant leases, government acquisitions, and high-profile rural property sales highlighted the ongoing demand for strategically located assets. With major deals in both urban centres and rural regions, Queensland continues to offer strong investment opportunities.

This Week’s Transaction Wrap

Development & Land:

Woolloongabba, QLD

·Buyer: Queensland Government

·Sale Price: $14.3 million

·Property: PA Apartments at 40 Wolseley Street

·Details: A five-storey serviced apartment block with 40 units, purchased for emergency accommodation. The building offers amenities such as a pool, BBQ area, and 23 secure car parks on a 1,014 sqm site near the PA Hospital.

·Yield: 7.3%

·Commentary: The Queensland government continues to expand emergency housing infrastructure in key locations across the city.

Industrial:

Northgate, QLD

·Tenant: MGA Electronic Security

·Lease Details: Two-year lease for a 238 sqm warehouse and office at 4/252 Earnshaw Road

·Rent: $59,500 net per annum plus GST

·Commentary: Brisbane’s northern suburbs remain a key area for industrial leasing, with strong demand for functional spaces like the Northgate facility.

Brendale, QLD

·Tenant: Honour Building Projects

·Lease Details: Two-year lease for a 472 sqm industrial unit at 9/50-52 Kremzow Road

·Rent: $70,000 per annum plus GST and outgoings

·Commentary: Brendale’s industrial market continues attracting tenants seeking affordable and well-located spaces in the Moreton Bay region.

Hendra, QLD

·Tenant: Global Medical Supplies

·Lease Details: Three-year lease for a 344 sqm industrial unit at 11/191 Hedley Avenue

·Rent: $75,000 net per annum plus outgoings and GST

·Commentary: The strategic location in Brisbane’s north-east makes this industrial unit a valuable asset for the growing medical supplies sector.

Office:

Tingalpa, QLD

·Buyer: Summit Road Investments (linked to Morgan Project Services)

·Sale Price: $5.2 million

·Property: 1-6/1027 Manly Road, a two-level, 1,120 sqm strata office building

·Details: Sold with 72% occupancy, the building includes six strata-titled office units. Morgan Project Services will occupy 320 sqm.

·Yield: 4.9%

·Commentary: Strategically located office spaces remain in demand in Brisbane’s southeast, especially for part-owner occupiers like Morgan Project Services.

Brisbane, QLD

·Tenant: Australian College of Tourism and Information Technology

·Lease Details: Three-year lease with an option for 305 sqm within the Mantra Hotel and Suites at 570 Queen Street

·Rent: $132,000 gross per annum plus GST

·Commentary: This prime CBD location offers excellent visibility and access, reflecting the continued demand for educational and commercial space in Brisbane’s city centre.

Retail:

West End, Townsville, QLD

·Buyer: National Tiles

·Sale Price: Under $2 million

·Property: 1,303 sqm showroom, warehouse, and office space at 151-155 Ingham Road

·Commentary: National Tiles’ move to Townsville’s West End reflects growing demand for retail and industrial spaces in regional Queensland.

Rural:

Central Highlands, QLD

·Sale Price: $87.1 million for three properties

·Properties: Fairfield Station, Kurrajong Park, Wongaburra

·Details:

o Fairfield Station: 10,522ha sold for $49 million, equating to $4,657/ha. Purchased by the Dennis family.

o Kurrajong Park: 3,237ha sold for $26.1 million, or $8,063/ha. Purchased by Rob and Annie Donoghue.

o Wongaburra: 2,423ha sold for $12 million, or $4,953/ha. Purchased by the Nobbs family.

·Commentary: Strong demand for premium grazing land in the Central Highlands led to significant sales, with buyers securing some of Queensland’s most productive cattle properties.

Wrap-Up Summary

This week’s transactions underscore the strength of Queensland’s commercial property market, spanning urban, industrial, and rural sectors. The government’s $14.3 million purchase in Woolloongabba for emergency accommodation, strong industrial leasing in Northgate and Brendale, and the Australian College of Tourism and Information Technology’s lease in Brisbane’s CBD highlight the diversity of demand. Additionally, rural property sales totalling $87.1 million in the Central Highlands demonstrate the ongoing strength of Queensland’s agricultural market. From urban centres to regional hubs, the state continues to offer a broad range of opportunities for investors and occupiers alike.

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

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.

Liability Limited by a Scheme approved under Professional Standards Legislation