McGees Wrap Up 07th Mar 2025

This week, Queensland’s commercial property market saw strong activity across multiple asset classes, with notable transactions in retail, office, industrial, and development sites. Investor demand remains resilient, particularly for high-quality retail and industrial properties, while Brisbane’s logistics sector continues to grow in prominence.

Retail

• A multi-tenanted large format retail centre at 170 Kremzow Road, Brendale sold for $13.22 million, reflecting a 6.14% yield. The 3,455 sqm property, fully leased to national tenants including Autobarn, Silly Solly’s, Pets Domain, and The Salvation Army, attracted strong investor interest due to its location in a high-growth corridor near Caboolture West.

Office

• Salisbury: A 131 sqm office and warehouse unit at 7/20 Flanders Street changed hands for $712,000. M8 Realty facilitated the deal.

• Yeronga: Norhart Developments acquired a 300 sqm office building on a 2,722 sqm site at 24 Cansdale Street for $4.15 million. The company plans to establish its headquarters on-site while redeveloping the rear into industrial units.

• Coorparoo: Two office-warehouse units at 54 Turbo Drive secured new tenants. Audiovisual rental company Scene Change signed a five-year lease on 1,354 sqm, while Douglas Partners, a geotechnical consultancy, took 1,682 sqm for a 10-year lease.

• Griffin: Woolworths confirmed as the anchor tenant for Freshwater Village, a major retail and health hub set to open in late 2026.

• Toowoomba: A property leased to Fellowship Queensland at 18-20 Hanna Court sold for $1.826 million.

Child Care Centres

• Goodstart Early Learning Redcliffe (33 Williams St) sold for $3.131 million, yielding 3.63%.

• Goodstart Early Learning Wavell Heights (231 Hamilton Rd) changed hands for $4.12 million, yielding 3.72%

Industrial

• Narangba: A modern 2,985 sqm warehouse at 1 Robart Court sold off-market for $8.6 million with a leaseback to Matrix Steel. The deal included a five-year lease and demonstrated continued investor appetite for high-quality industrial assets.

• Mackay: Trilogy Funds sold a custom-built industrial building at Diesel Drive, Paget, for $15 million, more than doubling its purchase price from six years ago.

• Greater Brisbane Industrial Market: Demand for industrial and logistics space remains strong, with take-up levels 40% above the 10-year average. Yatala has emerged as a prime industrial hub, with land values rising up to 90% since 2020.

Hotel & Hospitality

• Runaway Bay: The Runaway Bay Motor Inn (429 Oxley Drive) was acquired by the Mangu family for $12.5 million, marking their second motel investment in the region. The 41-room property offers significant operational and redevelopment potential.

Development & Land

• Pimpama: Brisbane Catholic Education (BCE) sold a 4-hectare site at 2 Gainsborough Drive for $11.55 million after determining the land was too small for its original school plans. The site is zoned for medium-density residential development.

Market Outlook

Brisbane’s commercial property market continues to attract investors, particularly in retail, industrial, and logistics assets. With Woolworths anchoring new developments and high demand for industrial properties, the outlook remains positive. The growing prominence of Brisbane as a logistics hub suggests sustained investor confidence in Queensland’s expanding commercial real estate market.

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

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