McGees Property Brisbane has successfully sold Unit 5/321 Kelvin Grove Road, Kelvin Grove, on behalf of our vendors.

The 242m² two-level office investment*, leased to Community Management Solutions and supported by five exclusive-use car parks, attracted strong investor appeal, reflecting the fundamentals that continue to underpin demand for quality Kelvin Grove commercial property.

A commercial property investment built on strong fundamentals

For investors, 5/321 Kelvin Grove Road offered a combination of established income, functional office accommodation and strategic positioning.

The property featured:

• 242m² of two-level office accommodation*
• An established tenant, Community Management Solutions
• Five exclusive-use car parks
• A location approximately 3km from the Brisbane CBD*
• Close proximity to QUT
• Access to major transport infrastructure
• Established retail, dining and lifestyle amenity
• Position within one of Brisbane’s established inner-city precincts

Together, these fundamentals created an investment proposition with both immediate functionality and longer-term locational appeal.

Why location matters for Brisbane commercial property

Location remains one of the most important considerations when assessing a commercial property investment.

For 5/321 Kelvin Grove Road, its proximity to the Brisbane CBD, QUT, transport infrastructure and established amenity provides connectivity to some of the city’s key employment and education drivers.

Kelvin Grove has also continued to evolve as part of Brisbane’s broader inner-city growth story. Its established infrastructure, proximity to the CBD and connection to surrounding precincts contribute to its ongoing appeal to businesses, occupiers and investors.

For investors, this means assessing more than the building itself.

The surrounding infrastructure, accessibility, amenity, employment drivers and future development of a precinct can all influence the long-term appeal of a commercial property.

What investors are looking for in an office investment

The sale also highlights several fundamentals that remain relevant when evaluating Brisbane office investments.

Established income

An established tenancy can provide investors with greater visibility around the property’s income profile, making the quality and strength of the tenant an important consideration.

Functional accommodation

Office accommodation needs to work for its occupiers. Practical layouts, usable floor space and dedicated car parking can all contribute to an asset’s appeal within the leasing market.

Strategic positioning

Properties with convenient access to major transport routes, employment hubs, education precincts and the CBD can offer strong connectivity for both tenants and investors.

Long-term precinct potential

The future trajectory of a location is another important consideration. Infrastructure investment, population growth, major projects and broader precinct development can all influence the long-term attractiveness of a commercial property.

Kelvin Grove’s position within Brisbane’s growth story

Brisbane’s continued growth is increasing attention on well-connected locations beyond the traditional CBD core.

Kelvin Grove is positioned within Brisbane’s inner north-west, approximately 3km* from the CBD and close to major education, transport and lifestyle precincts.

The suburb’s proximity to QUT and Brisbane’s future Olympic precinct further reinforces its position within the city’s evolving growth landscape.

While individual properties will always be assessed on their own merits, locations with strong existing infrastructure and connectivity can provide investors with an additional layer of long-term consideration.

A successful result for our vendors

The successful sale of 5/321 Kelvin Grove Road, Kelvin Grove demonstrates the appeal of commercial property that combines established income, functional accommodation, car parking and strategic inner-city positioning.

For investors, the transaction reinforces the importance of looking beyond the asset itself and considering the broader fundamentals that support an investment over the long term.

Congratulations to our vendors on the successful result, and to the new owner on securing this Kelvin Grove office investment.

Sold by Gavin Moore & Nina Brailey | McGees Property Brisbane

Looking for commercial property in Brisbane?

Whether you are looking to buy, sell or lease commercial property in Brisbane, understanding the market and the fundamentals behind each opportunity is critical.

Our Agency team works with owners, investors and occupiers across Brisbane to provide informed advice across commercial sales, leasing and investment opportunities.

Explore our current commercial property opportunities or speak with our team today.

*Approximate

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

West End Commercial Leasing Success Delivered by McGees Property

120 Boundary Street West End Leased to Janus Deli

A prominent hospitality asset on Boundary Street in West End has been successfully leased to Janus Deli, reinforcing ongoing demand for high-quality, well-positioned venues within Brisbane’s inner-city dining precincts.

The tenancy at 120 Boundary Street – a high-exposure corner site featuring both indoor and outdoor dining – offers the scale, visibility, and presence required to establish a true destination venue within one of Brisbane’s most tightly held hospitality strips. The transaction was negotiated by McGees Property agents Harry Tsigounis and Nina Brailey, showcasing McGees Property’s expertise in commercial leasing in West End and across Brisbane’s inner-city precincts.

Strategic Hospitality Leasing in West End

For the team behind Janus Deli, the move into West End marks a strategic next step in the brand’s growth.

Having launched on the Gold Coast in 2023 and expanding into Slacks Creek shortly after, Janus Deli has built strong momentum, with its Brisbane debut signalling a deliberate shift towards the inner-city market and its dynamic customer base.

“We had been keeping an eye on West End for quite some time,” the owner said.

“It’s a suburb with a unique charm, where old and new coexist in a really natural way. When we saw the site, it was an instant feeling — it just felt right.”

Matching the Right Operator to the Right Asset

That alignment between brand and location was key. Known for its creative energy and diverse community, West End continues to attract professionals, families, and long-time locals — creating an environment where hospitality operators like Janus Deli can thrive. For a deeper understanding of the area, explore our West End suburb profile.

“Our slogan is ‘Happy Moment for All’, and that really aligns with the spirit of West End,” the owner said.

“It’s a place where everyone can find their own way to enjoy the experience.”

McGees Property’s Harry Tsigounis said securing the right operator was critical to unlocking the full potential of the asset.

“When we assess hospitality tenants, we focus on brand strength, operator capability, and how the concept complements the surrounding precinct,” he said.

“Janus Deli brings a proven track record and a fresh, experience-driven offering that aligns seamlessly with the character of West End.”

This approach reflects McGees Property’s broader tenant representation and leasing strategy, ensuring every asset is positioned to achieve long-term performance outcomes.

West End’s High-Demand Hospitality Precinct

Boundary Street continues to benefit from strong foot traffic, increasing residential density, and major nearby developments including West Village – key drivers underpinning its ongoing appeal to both operators and investors.

View current West End commercial leasing opportunities to see available listings.

For landlords looking to capitalise on high-performing hospitality locations, understanding retail positioning is key. Read our guide on retail property strategy in Brisbane.

Rather than competing within the strip, Janus Deli is set to contribute to its continued evolution.

“We’re excited to be part of the community here and to add to what already makes the precinct so vibrant,” the owner said.

For property owners seeking to capitalise on similar demand, McGees Property provides strategic commercial leasing and advisory services across Brisbane’s inner-city precincts, helping landlords maximise asset performance and long-term value.

Brisbane Commercial Property Market Confidence

This successful leasing outcome reflects broader confidence in Brisbane’s hospitality sector, with experienced operators continuing to pursue premium opportunities in established lifestyle precincts.

“With its mix of culture, entertainment, and growing residential population, West End remains one of Brisbane’s most sought-after locations for hospitality operators,” Tsigounis said.

As Brisbane’s inner-city continues to evolve, transactions like this reinforce McGees Property’s role in aligning the right operators with the right assets — delivering long-term value and strengthening established precincts like West End.

This transaction reflects broader confidence in Brisbane’s hospitality sector, with similar insights available across our latest commercial property news and insights.

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

Built on Strategy. Leased with Success – Brisbane Commercial Properties

Recent Leases Across Brisbane

McGees Property Brisbane is proud to announce the successful leasing of multiple prime commercial spaces, delivering exceptional outcomes for both landlords and tenants. These leases reflect strong demand across Brisbane’s lifestyle, office, and retail precincts, with tenants seeking strategic locations, high-visibility spaces, and premium environments. Landlords benefit from competitive rental outcomes and maximised property performance.

Fortitude Valley Leases

221/247 Wickham Street – Leased to Taco Joint

One of Brisbane’s most popular food destinations is coming soon to The Valley. This vibrant, high-traffic location enhances the precinct’s appeal and demonstrates the value of strategic leasing in Fortitude Valley.

Level 3/172 Robertson Street – Leased to Pacific Green Group Australia

This boutique office space offers a premium workplace in the heart of the James Street precinct, Fortitude Valley. Tenants enjoy a central location that combines lifestyle, accessibility, and professional appeal.

Windsor and New Farm Leases

GF/243 Lutwyche Road, Windsor – Leased to Network Digital

A character-filled, creative workspace designed to support business growth and foster innovation. This space highlights the value of targeted office leasing in Brisbane suburbs.

Shop 8/158 Moray Street, New Farm – Leased to Pilates FORA

A premium corner retail position in the heart of New Farm, offering high visibility and strong foot traffic. This lease demonstrates the growing demand for retail spaces in vibrant lifestyle precincts.

Connect with Our Sales and Leasing Team

Want to find the right tenant for your property or secure your next commercial space in Brisbane? Call us today on 07 3231 9777 to speak with our expert Sales and Leasing Team. McGees Property Brisbane delivers strategic leasing solutions that maximise property performance.

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

McGees Property Brisbane is proud to announce the sale of 2/36 Curzon Street, Tennyson, which was sold at auction for $1.35M. This tightly held industrial warehouse represented a genuinely rare opportunity, as assets within this complex are seldom traded due to long-term ownership. The auction attracted high enquiry and strong competition.

The property was sold with vacant possession, providing the purchaser with immediate flexibility to owner-occupy or reposition the asset in a strengthening industrial market. This result highlights the ongoing appetite for well-located, adaptable industrial properties in Brisbane.

Why this was a standout opportunity:

• Tightly held complex – few industrial assets of this quality come to market
• Vacant possession offered flexibility for owner-occupiers or investors
• Strong infrastructure, access, and ready-to-use facilities
• Clear signal of growing demand for industrial property in sought-after locations

This sale demonstrates that quality, strategically positioned industrial assets remain highly sought after, and well-located opportunities like this rarely stay on the market for long.

181 George Street presented a compelling opportunity to secure a well located freehold commercial asset within the heart of the Brisbane CBD. The sales campaign generated strong interest from both local and interstate investors, highlighting the continued depth of demand for quality CBD opportunities.

The 4 storey boutique heritage building comprises 3 retail tenants anchored by EzyMart on the ground floor. Trophy location next to Irish Murphy’s and opposite the former Treasury Casino and soon to be open Griffith University Brisbane City campus.

+ $4,900,000
+ $16,780/m² NLA
+ $47,572/m² Land Area

For further information on this transaction, please contact the Capital Transactions team.

Please reach out if you would like further information on this transaction or for a confidential discussion regarding your property.

View larger map on OpenStreetMap: OpenStreetMap location

Hugh Menck
0432 560 589

Archer Halliday
0497 599 959

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

McGees Wrap Up – 19 December 2025

Queensland Commercial Property Weekly Wrap-Up

Week Ending 19 December 2025

The Queensland commercial property market is concluding the year with a definitive pivot toward “de-risked” essential services and income-secure assets. This week’s activity, highlighted by Dexus’s landmark play in Chermside and record-breaking industrial results in Mackay, underscores a flight to quality as investors seek to hedge against persistent construction cost volatility (Wilmot, 2025). While institutional appetite for neighbourhood retail remains robust, the development sector is facing a “productivity squeeze,” with construction costs in regional hubs like Townsville having surged 42.5% over the last five years. Consequently, capital is increasingly targeting “ready-to-go” sites with existing approvals, as seen in the Rothwell aged care transaction, or premium assets with long-term tenure in resource-backed corridors (Herde, 2025a; Smith, 2025).

This Week’s Highlights

Retail – Westfield Chermside Stake Acquisition

Address:
Gympie Rd, Chermside

Property group Dexus has significantly increased its exposure to Brisbane’s retail sector, acquiring an additional 25 per cent stake in Westfield Chermside for $683 million. The transaction, struck at a 5 per cent capitalisation rate, reflects a stunning turnaround for large-scale shopping malls as institutional investors pivot back to top-tier assets. Dexus has launched the Dexus Strategic Investment Trust to hold the interest, noting that the scarcity of massive regional centres—due to rising construction costs and land shortages—has created a “golden age” for existing landmark assets in high-growth metropolitan catchments (Wilmot, 2025).

Industrial – Paget Mining Services Hub

Address:
217 Farrellys Rd, Paget

Mackay’s industrial market has set a new pricing benchmark with the $19.5 million sale of a premium mining services hub. Secured by a local syndicate, the 7,339 m² facility transacted at an aggressive rate of $2,657 per m². The deal reflected an initial yield of 6.69 per cent, the tightest capitalisation rate seen in the region for years. Fully leased to Fenner Dunlop and Ace Conveyors until 2032, the asset’s strategic proximity to the Bowen Basin coal reserves continues to drive sustained demand for resource-backed infrastructure (The Courier-Mail, 2025a).

Retail – Seasons IGA Pre-commitment

Address:
63 MacGregor Tce, Bardon

Seasons IGA has secured a 20-year pre-commitment for a 1,600 m² boutique supermarket on a site previously earmarked for a Coles development. The property was sold by Pradella Group for $12.88 million as part of a dual-site transaction. The developer originally planned a larger-scale project but shifted strategy as construction costs rose. Industry sources indicate the lease was struck between $500/m² and $550/m², with the high-end store expected to turn over $350,000 weekly upon its opening in early 2026 (Herde, 2025a).

Medical & Aged Care – Former Frawleys Tennis Club

Address:
56 Coman St, South Rothwell

Victorian-based aged care provider Acare has purchased the 9,825 m² former Frawleys Tennis Club for $6.05 million. The acquisition was driven by the site’s existing approval for a 97-unit retirement village, which significantly de-risked the project for the buyer. Located in Queensland’s third fastest-growing residential region, the deal reflects the strong national mandate for aged-care expansion into high-demand “downsizer” corridors (Herde, 2025a).

Retail & LFR – Porter Square (Former Mitre 10)

Address:
25 Brisbane St, Mackay

Melbourne-based Clover Property has acquired a landmark 1.53ha CBD site for $9.2 million ($603/m²). The site, held by the Porter family for 142 years, will be transformed into a modern retail precinct named ‘Porter Square.’ The masterplan features 10 tenancies ranging from 180 m² to 1,127 m². The sale reflects Mackay’s strong retail tenant demand and the purchaser’s confidence in regional hubs with high population growth and “Principal Centre” zoning (Herde, 2025b).

Summary of Transactions (Week Ending 19 December 2025)

*Includes adjoining lot at 65 MacGregor Tce.

General News

Record $3.3bn International Spend: Brisbane’s ‘Bleisure’ Transformation

1. The “Bleisure” Capital Effect

Brisbane has officially emerged as Australia’s “bleisure” (business + leisure) capital. Data shows business travellers are staying an average of five days in Brisbane—longer than in Sydney or Melbourne.

• Commercial Impact: This trend is driving a transformation in the Office and Hotel sectors. Developers are increasingly integrating “hospitality-style” amenities into office buildings to cater to high-spending corporate visitors.
• Occupancy Gains: Brisbane recorded the highest year-on-year Revenue Per Available Room (RevPAR) growth in the country at 11%, with ADR reaching a new high of $259.

2. High-Frequency Absorption in Lifestyle Precincts

The 25% surge in UK visitors is specifically benefiting “experience-based” commercial assets.

• Hospitality and Retail: Precincts like Howard Smith Wharves and James Street are seeing zero-percent vacancy in prime lifestyle tenancies.
• Scarcity Value: Secondary-grade retail assets on the CBD fringe are being “pulled up” in value as tenants seek overflow locations.

3. De-risking Short-Term Accommodation (STRA)

The $3.3 billion spend provides a proof of concept for investors targeting the short-term rental market ahead of the 2032 Olympics.

• Yield Compression: Investors are moving toward STRA models in the CBD and inner-north, where nightly yields are now outperforming traditional office yields.
• Institutional Hotel Pipeline: Proven demand is helping hotel projects overcome “feasibility hurdles,” allowing financing for luxury keys costing nearly $1 million per room to build.

Regional Construction Costs: Townsville CBD Feasibility

1. The Feasibility “Cliff” for New Builds

Construction costs in Townsville have hit a record $3,066 per m²—the highest in Australia for 2025. This 42.5% hike has created a gap where project end-values fail to cover hard costs (Smith, 2025).

• Commercial Impact: Large-scale CBD projects have stalled, leading to a supply vacuum for brand-new A-grade space.

2. Transition to Adaptive Reuse

Because new construction is cost-prohibitive, older commercial assets are being repurposed into mixed-use hubs.

• Policy Support: Under the City Activation and Housing Incentive Policy, Townsville City Council offers up to $600,000 in infrastructure waivers (Townsville City Council, 2025).
• Notable Projects: Refurbishments of the former Masonic Temple and Citilink Building demonstrate this shift.

3. Tightening of Secondary Stock

As “low-tier” office buildings are converted, the pool of traditional secondary office space is shrinking rapidly.

• Commercial Impact: This withdrawal is forcing a floor under commercial rents, with rental creep observed for remaining functional assets.

Final Take

The signal from this week’s activity is that capital is abundant but highly selective. The market is splitting into two paths: Institutional investors buying safe, large-scale assets with guaranteed income, and regional momentum in resource-backed hubs like Mackay. Certainty is the most valuable commodity right now; properties with secure tenants are selling for record prices, while complex sites face heightened feasibility scrutiny.

References

• Herde, C. (2025a, December 12). Aged care outfit hits a winner. The Courier-Mail, p. 59.
• Herde, C. (2025b, December 12). Motorola comes up with right solution. The Courier-Mail, p. 60.
• Queensland Audit Office. (2025, December 17). Major projects 2025 (Report 8 – 2025-26).
• Queensland Treasury. (2025, December 14). 2025-26 Mid-Year Fiscal and Economic Review.
• Smith, L. (2025, December 16). Housing experts warn Townsville’s CBD revitalisation at risk over surging building costs. Townsville Bulletin.
• The Courier-Mail. (2025a, December 16). Major mining facility sale sets new $19.5m price record in Mackay. The Courier-Mail.
• The Courier-Mail. (2025b, December 17). Tourists pour into Brisbane, p. 3.
• Townsville City Council. (2025). City Activation and Housing Incentive Policy 2025/26.
• Wilmot, B. (2025, December 12). Dexus snaps up stake in Westfield Chermside. The Australian.

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

Kenmore Central Shopping Centre Sold

2095 Moggill Road, Kenmore, QLD 4069

McGees Property Brisbane is pleased to announce the successful sale of Kenmore Central Shopping Centre.

Located in a high growth suburban corridor, this transaction highlights the continued demand for well positioned retail assets with strong tenant support and long-term growth potential. Opportunities like this deliver more than just a property. They offer consistent income, exposure in a prominent community hub, and the potential for ongoing value creation.

Market Muster

December 8, 2025 | August to November 2025

McGees Property Agency Team Capability

This edition of Market Muster showcases the exceptional capability of the McGees Property Agency team. From revitalising retail precincts in Fortitude Valley to securing strategic off-market industrial sales in Hendra, our team deals effectively across all asset classes.

The purpose of this update is to highlight our active role in the market and the diverse range of successful outcomes we deliver for our clients. Below are the transactions and market insights from the last quarter.

Leased

3/267 Given Terrace, Paddington

The newest addition to Paddington’s bustling retail strip, @oochi_boutique is a boutique retail store that specialises in elevated performance wear.

6/59-63 Eastern Road, Browns Plains

Successfully leased to a well-established local cabinet maker.

This result highlights the strength of the Browns Plains industrial market, where demand remains high, vacancy levels are low, and well-presented warehouses with functional office space and quality amenities continue to attract strong interest from trade and service-based businesses.

If you’re considering leasing or selling, now is an excellent time to explore your property’s potential, get in touch to discuss how current market conditions could benefit you.

28 Harry Street, Ashgrove

Leased to Jetts Ashgrove

A 324m² retail tenancy in the heart of Ashgrove has been leased to Jetts Australia , a great addition to this thriving inner-city precinct.

Surrounded by local favourites and national retailers, this location offers high visibility and strong customer demand.

T8-T9 315 Brunswick Street, Fortitude Valley

We are pleased to advise that McGees Property Brisbane has successfully secured a new tenant for TC Beirne & Co Building on Brunswick Street.

The US brand The Great Greek Mediterranean has chosen this location for its first store in Australia. The group is well established in the United States with more than 90 stores operating or opening soon, and their entry into the precinct marks a significant uplift for the centre as a whole.

The tenancy comprises 157sqm internally, supported by an additional licensed seating area within the retail precinct. The design allows close to 100 seats across the combined areas, with the store planned to open in the first quarter of 2026.

This leasing result reflects the growing momentum in the retail precinct. With only 8 of the 16 retail tenancies still available, enquiry levels continue to build as operators look to secure well located premises in the Valley. Flexible tenancy sizes from 50 to 600 sqm, together with competitive incentives and capital support, are attracting interest from hospitality, retail, beauty, wellness, allied health operators.

If you would like an update on current market activity, the rents we are achieving, leasing demand, or comparable opportunities in your building, please feel free to reach out. I would be happy to share further insights or discuss how the recent uplift in activity may relate to your asset.

54/269 Wickham Street, Fortitude Valley

Successfully leased to two different tenants.

These result stemmed from moving quickly and correctly understanding the tenant’s requirements. This allowed us to select a small group of properties that genuinely suited their needs and ensured we were only inspecting locations that were appropriate, avoiding any wasted time. With the office leasing market facing challenges and enquiry levels remaining low, having a detailed knowledge of all vacancies within a catchment is imperative.

If you’re considering leasing or selling, now is an excellent time to explore your property’s potential, get in touch to discuss how current market conditions could benefit you.

708 Main Street, Kangaroo Point

McGees Property on behalf of our valued client are pleased to have secured Manhattan Pizza as tenant for 708 Main Street, Kangaroo Point.

Already well established in the area the tenant was attracted to the high profile site with its ease of access for its delivery partners and the ability to expand into an immaculately presented fully fitted building.

We wish Ash and his team all the best with their new premises and look forward to grabbing a slice when they open!

1/31 Chorlton Street, East Brisbane

McGees Property on behalf of our valued clients are pleased to have leased 1/31 Chorlton Street East Brisbane.

Leased to a specialised allied health provider they will assimilate well within the complex.

For further information please contact Nina Brailey from McGees Property.

Sold

40/302-304 South Pine Road, Brendale

SOLD in Brendale.

A high-exposure commercial unit, perfectly matched with a purpose-driven buyer.

Soon to be transformed into a thriving allied health practice.

Strategic. Seamless. Sold.

39 Navigator Place, Hendra

Off-market sale of 39 Navigator Place, Hendra.

The 1,290sqm freestanding facility was purchased unconditionally for $5,400,000 by a national medical company as an owner occupier, reflecting a building rate of $4,182 per sqm.

This transaction highlights the strong appeal of freestanding industrial and logistics properties in Brisbane’s northern suburbs, with owner occupiers actively seeking strategic sites to support operational growth.

For further details on this sale, or to discuss opportunities in the Queensland property market, please contact the team at McGees Property Brisbane.

Agency only – not doing cap trans

Brisbane Commercial Property Market Trends: August–November 2025 Snapshot

Brisbane’s commercial property market continues to demonstrate strength and resilience, with significant leasing and sales activity across retail, industrial, and office sectors. From lifestyle precincts to industrial hubs, McGees Property has delivered strategic outcomes that reflect current market dynamics and position our clients for success.

Retail & Hospitality Leasing Surge

Lifestyle precincts remain a magnet for high-profile operators. In Fortitude Valley, McGees secured a landmark deal at the TC Beirne & Co Building, welcoming The Great Greek Mediterranean for its first Australian store. This international brand’s entry signals confidence in Brisbane’s hospitality sector. With only eight of sixteen retail tenancies remaining, enquiry levels are rising as beauty, wellness, and food operators compete for prime positions.

Paddington also saw growth with Oochi Boutique, a performance-wear retailer, joining the vibrant Given Terrace strip. Meanwhile, Manhattan Pizza expanded into Kangaroo Point, attracted by the site’s high visibility and delivery-friendly access.

Health & Wellness Demand in Inner-City Suburbs

Health and fitness operators are driving leasing activity in Brisbane’s inner-city areas. Jetts Ashgrove secured a 324m² retail tenancy in the heart of Ashgrove, while East Brisbane welcomed a specialised allied health provider. These moves highlight a broader trend toward wellness-focused spaces in high-density precincts.

Industrial Market Strength

Brisbane’s industrial property market remains tight, with low vacancy and strong demand from trade-based businesses. Browns Plains recorded a successful lease to a local cabinet maker, underscoring the appeal of well-presented warehouses with functional office space.

Owner-occupiers are also active. The off-market sale of 39 Navigator Place, Hendra for $5.4M reflects the premium placed on strategic industrial sites in Brisbane’s northern suburbs. This 1,290m² freestanding facility was purchased by a national medical company, reinforcing the strong appetite for quality logistics and industrial assets.

Market Outlook for 2026

With flexible tenancy sizes, competitive incentives, and capital support, Brisbane’s commercial property market is well-positioned for continued growth into 2026. Retail and hospitality operators are driving inner-city activation, while industrial and logistics assets remain highly sought after by owner-occupiers.

Looking for tailored insights on leasing demand, rental benchmarks, or opportunities in your asset class?

Connect with McGees Property Brisbane today and unlock the full potential of your property.

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

AN ENDURING LANDMARK IN WOOLLOONGABBA’S EVOLVING STORY

MORETON RUBBER BUILDING

Now better known and fondly referred to as the old Moreton Rubber Building (or the Goodyear Building), the former Taylor-Heaslop Building was erected in 1889-90 during Woolloongabba’s commercial heyday.

This striking three-storied Victorian landmark which faces both Stanley Street and Logan Road, was designed as a row of three attached shops, by prominent Brisbane architect John Beauchamp Nicholson.

The northwest and middle shops were built as an investment by the well-known Brisbane chemist Walter Taylor. The third, to the southeast and the largest of the three was built for influential South Brisbane grocers James and Thomas Heaslop to extend their thriving retail enterprise, the People’s Cash Store with the addition of a branch store at the bustling Woolloongabba Fiveways intersection.

The building’s prominent location, its towering scale and huge “Peoples Cash Store” signage made it a dominating, landmark presence within the district.

The building’s inception coincided with a dramatic transformation in Woolloongabba’s fortunes. In the 1880s, the suburb surged in prominence as a working-class residential hub and vital commercial centre.

FY2024-2025 Trends, Leasing Activity & Precinct Analysis

Understanding Fortitude Valley
Insights from the Frontline

As active commercial leasing specialists in Fortitude Valley, we have a front-row view of how this unique inner-city market is evolving. Working daily across all asset classes in the suburb allows us to track trends, understand tenant demand, and identify opportunities for landlords before they become widely apparent.

Fortitude Valley is a distinctive commercial hub, densely packed with properties across all asset classes. As Brisbane continues to grow, its inner-city suburbs are evolving, and Fortitude Valley has been at the forefront of this transformation for several years. With the Brisbane Olympics now only a lease term or two away, the suburb is poised for another period of significant growth and change.

Although the Valley spans only around two kilometres at its widest point, it is home to a high concentration of commercial properties. These are generally divided into three key precincts: the Entertainment and Brunswick Street Precinct, the Homemaker Precinct, and the renowned James Street Precinct. Each of these pockets is within walking distance of the others, yet they offer distinctly different market dynamics. They attract different tenant types, command varying rental rates, and present unique challenges for owners and occupiers.

Drawing on our on-the-ground experience and recent market data, this report provides a clear overview of how the Fortitude Valley market is performing. It highlights current trends, key challenges, and opportunities for landlords to capitalise on the ever-changing landscape of this vibrant inner-city suburb.

Overall Market Snapshot

Stock Available – As of July 1st 2025

Properties for Lease: 49
Data reflects enhanced or higher listings only. Basic listings excluded.

Leased Activity FY2024-2025

Leased Rental Rates

*Estimated ranges based on market experience and trends. Data from agents and landlords is limited.

When looking at the days on market for current listings it shows that there are a few properties that have been vacant for extended periods, where landlords continue to invest in premium advertising to maintain visibility hence the disparity between the average and median days on market. The significantly lower median reflects that most spaces lease more quickly, with long-term vacancies primarily within the office market.

The rental rates achieved for recently leased tenancies in Fortitude Valley are difficult to analyse with precision as information is often limited as both landlords and agents are reluctant to disclose final figures. However, through being active in the area, we have provided a reliable guide on the range of rental rates, particularly for retail and office spaces across each precinct. These figures vary depending on whether a tenancy is turn-key or requires significant capital incentives to assist an incoming tenant with their fitout.

In the office sector, incentives and rental rates are generally easier to manage as tenants tend to be more experienced and better informed about market conditions.

A growing challenge is the number of tenants exiting three or five year leases without leaving themselves sufficient time to secure a new space. With notice periods typically only three to six months, many tenants underestimate today’s longer construction and fitout timelines compared to when they first entered the market. This results in two key behaviours. Tenants either opt to renew their existing lease to avoid disruption or prioritise ready-to-occupy speculative fitouts even at a premium cost to ensure business continuity.

Retail activity presents a different dynamic. This sector experiences the highest turnover but also generates the largest volume of enquiry from active tenants. There is a clear divide between national and experienced operators, who can absorb higher entry costs, and smaller independent operators opening their first or second venue. For the latter, the barriers to entry are substantial as well-positioned turn-key spaces are highly sought after and command premium rents. Despite this, demand remains strong with retailers attracted to Fortitude Valley’s reputation as a vibrant and evolving lifestyle hub.

Brunswick Street Precinct

Stock Available – As of July 1st 2025

Properties for Lease: 93
Listing Types: Elite 10, Elite Plus 17, Basic 63, Enhanced 3

Leased Activity FY2024-2025

Precinct Analysis

The Brunswick Street Precinct continues to record the highest volume of leasing activity in Fortitude Valley, driven by its heavy reliance on foot traffic and the natural turnover that comes with a nightlife and hospitality hub. Retail spaces in this pocket thrive when they are located within close walking distance of Brunswick Street Mall, where the majority of pedestrian activity occurs. Tenancies positioned further from the mall face a more challenging environment unless they offer a distinctive point of difference, operate as a destination in their own right, or service a niche market that is not easily replicated elsewhere.

Retail leasing in this precinct outperformed office leasing throughout FY2024-2025. High pedestrian visibility makes retail spaces easier to visualise and activate quickly, and new tenants can capitalise on the consistent flow of foot traffic. However, this also reflects the high turnover in the retail and hospitality sectors. Trading conditions remain challenging for operators, and in the current market, only exceptional locations or highly capable operators are achieving long-term success beyond their initial lease term.

One challenge for retailers in this area is the current demographic of individuals who congregate in the precinct. Leasing agents often find it difficult to present a location positively during inspections when there is a noticeable presence of anti-social behaviour during the day. Speaking with many operators currently working in this precinct, this issue is frequently raised. Although foot traffic is strong and trade can often be high for these retailers, one major concern is the safety of their staff. This concern affects both small independent operators and large national brands. While many businesses would value a location in this precinct, they are sometimes deterred due to safety concerns and the potential impact on their brand. At this time, there are no widely publicised formal procedures from council to address this issue, although reports indicate that council is aware and actively engaging with current tenants in the area.

Office leasing in the Brunswick Street Precinct faces a similar set of challenges. While the area offers excellent amenities and convenient public transport access, particularly its proximity to Fortitude Valley train station, the daytime environment does not convey the same professional or lifestyle appeal as the Homemaker or James Street precincts. Success for office tenants in this market often comes when landlords provide discounted rents to encourage occupancy or invest in high-quality, turn-key fitouts. Spaces that highlight the heritage and character of the surrounding buildings also tend to attract greater interest, as these unique features help differentiate them from other available offices.

A notable constraint for office tenants in this precinct is the lack of car parking availability in many buildings. While this is partially offset by excellent train access, parking scarcity can be a deterrent for businesses seeking convenience for staff or clients.

Homemaker Precinct

Stock Available – As of July 1st 2025

Properties for Lease: 35
Listing Types: Elite Plus 10, Basic 29, Enhanced 2

Leased Activity FY2024-2025

Precinct Analysis

The Homemaker Precinct saw fewer active leasing campaigns and completed transactions compared to the Brunswick Street Precinct, primarily due to the nature of its tenancy profile. This area is dominated by large-format retail showrooms and bulky goods operators, with many properties offering prominent exposure along Wickham and Ann Streets. These highly visible sites are tightly held, and when they do become available, landlords are often ableto secure new tenants without launching large-scale marketing campaigns.

There are two primary reasons for the lower leasing turnover in this precinct:

1. Limited Relocation Options
   Existing tenants occupy large footprints and benefit from excellent exposure. Finding alternative spaces of a similar size and quality within the inner city is challenging, which naturally leads to longer lease terms and lower turnover.
2. Landlord Positioning
   When prime spaces do become available, the high level of interest often allows landlords to complete transactions through direct approaches or off-market negotiations, reducing the need for extended advertising periods.

Office space is the dominant listing type in this precinct and has accounted for the majority of leasing activity in FY2024-2025. These office tenancies, often located in mid-rise buildings, attract businesses looking for practical spaces with strong amenity, better daytime appeal than Brunswick Street, and a greater likelihood of available parking. The Homemaker Precinct benefits from being less dense than the Entertainment Precinct, offering easier vehicle access while still sitting within walking distance of James Street and other lifestyle destinations.

Overall, the leasing trends in this precinct reflect stability rather than high turnover. Landlords with quality spaces are well-positioned to secure long-term tenants, particularly as businesses value convenience, car access, and proximity to both James Street and the CBD.

James Street Precinct

Stock Available – As of July 1st 2025

Properties for Lease: 27
Listing Types: Elite Plus 5, Basic 20, Enhanced 2

Leased Activity FY2024-2025

Precinct Analysis

James Street remains Brisbane’s premier retail and lifestyle destination, and FY2024-2025 reaffirmed its reputation as the most exclusive and tightly held precinct in Fortitude Valley. At the close of the financial year, only seven active campaigns were being marketed on premium advertising tiers, which reflects the scarcity of available stock. Opportunities in this area are limited, and many transactions occur off-market before spaces are publicly listed.

Landlords in James Street enjoy a unique position of strength. They can afford to be highly selective, carefully vetting prospective tenants to ensure each new occupant enhances not only their property but also the broader precinct. This curated approach to tenancy selection has been fundamental to the area’s success, creating a cohesive and aspirational environment that consistently draws customers and operators alike.

Tenant demand in James Street extends well beyond the core retail strip. Interest has been steadily growing in adjoining streets such as McLachlan, Wandoo, and Doggett, reflecting both the limited supply of opportunities on James Street itself and the broader desire for association with the precinct’s brand. Many of these secondary locations are now seen as extensions of the James Street experience, with tenants willing to adapt their business models to be part of the area’s high-profile ecosystem.

From an agency perspective, even enquiries originating from outside the precinct frequently circle back to James Street, highlighting its unmatched reputation among retailers, hospitality operators, and showroom tenants. Landlords here benefit from the dual advantages of strong off-market interest and the leverage to secure the best possible tenant mix, ensuring the precinct continues to perform as Brisbane’s most desirable commercial destination.

Key Takeaways

Fortitude Valley remains one of Brisbane’s most dynamic commercial markets, with each precinct offering distinct opportunities:

• Brunswick Street Precinct – High turnover driven by hospitality and retail. Office vacancies take longer to fill, but well-fitted spaces and competitive rents attract tenants.
• Homemaker Precinct – Stable leasing with large-format retail and showrooms. Premium sites often lease off-market; office demand supported by parking, daytime amenity, and proximity to James Street.
• James Street Precinct – Extremely limited availability with a curated, premium tenant mix. Strong demand leads to off-market deals and rewards long-term, strategic leasing.

With Brisbane’s urban renewal and the lead-up to the 2032 Olympics, landlords who adapt to each precinct’s strengths and actively manage their properties are best positioned to maximise value.

Stay Informed

Our report highlights key trends across Fortitude Valley’s commercial market, helping landlords stay up to date with leasing activity and opportunities.

Help Improve Insights

By sharing your rental and leasing information (kept strictly confidential), you’ll contribute to more accurate market analysis and a clearer picture for all property owners.

Contact us anytime to discuss your property.

MCGEES
Level 5, 410 Queen Street Brisbane QLD 4000
GPO Box 997
Brisbane QLD 4001
(07) 3231 9777
brisbane@bne.mcgees.com.au
bne.mcgees.com.au

To download this report click here

This document has been prepared by McGees Property solely for the purpose of providing information to potential purchasers.

It is provided on a confidential basis and is not to be distributed or reproduced in whole or in part without the prior written consent of McGees Property.

This document does not purport to contain all the information that a potential purchaser or any other interested party may require.

It does not take into account the individual circumstances, financial situation, investment objectives or requirements of a potential purchaser or any other person.

It is intended to be used as a guide only and does not constitute advice, including without limitation, investment or any other type of advice.

The information contained in this document does not constitute any offer or contract, including for sale or otherwise.

Any potential purchaser or any other interested party should obtain independent financial, taxation, accounting, legal and other advice to assist them in making their own decisions and assessment appropriate to their circumstances.

McGees Property and its clients assume that any person who reads or uses this document is capable of evaluating the merits and risks of any investment or other decision with respect to a property transaction, it suitability and its financial, taxation, accounting and legal implications without any reliance on this document.

This document may contain information prepared by third parties. Figures, calculations and other information contained in this document that has been provided to McGees Property by third parties have not been independently verified by McGees Property.

Any projections or analyses represent best estimates only and may be based on assumptions, which, while reasonable, may not be correct.

Past performance of any property described in this document is not a reliable indication of future performance of such property.

At all times, McGees Property acts as a provider of real estate services only.

Except where otherwise provided, all references to rent, income or price are GST exclusive.

Users should not rely on any information contained in this document as a statement or representation of fact and must make their own enquiries to verify and satisfy themselves of all aspects of such information, including without limitation, any income, rentals, dimensions, areas, zoning and permits.

While the information in this document has been prepared in good faith and with due care, no representations or warranties are made (express or implied) as to the accuracy, currency, completeness, suitability or otherwise of such information.

McGees Property, its clients, officers, employees, sub-contractors and agents shall not be liable (except to the extent that liability under statute or by operation of law cannot be excluded) to any person for any loss, liability, damage, or expenses arising directly or indirectly from or connected in any way with any use of or reliance on such information.

Liability limited by a scheme approved under Professional Standards Legislation.

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