McGees Wrap Up – 1st of April 2024

Office Transactions:

1. Heritage-Listed Building in Brisbane CBD

   • Location: 47 Edward Street, Brisbane, QLD
   • Property Type: Five-storey Victorian warehouse
   • Building Area: 772 sqm
   • Purchase Price: $5.5 million
   • Buyer: Horton Media Australia
   • Key Features:
     • Character-filled heritage-listed building with views over the Brisbane River and Botanic Gardens.
     • 8.5m frontage to both Edward Street and Spencer Lane.
     • Austere classical detailing in rendered and unrendered brickwork, reflecting late 19th-century warehouse architecture.
   • Commentary:
     • The building’s unique character and prime location within the Brisbane CBD attracted significant interest, highlighting the demand for heritage properties in prestigious locations.
     • Horton Media Australia plans to restore the building, potentially transforming it into a prominent location for a high-end retailer or similar tenant seeking exposure in the city’s prestigious corner.
     • The sale underscores the value of heritage properties in central urban locations, particularly those with distinctive architectural features and proximity to key transport links and city developments.

2. Inner Brisbane Office Assets

   • Location: 49 and 75/283 Given Terrace, Paddington, QLD
   • Property Type: Office spaces
   • Total Area: 82 sqm (gross floor area)
   • Purchase Price: $435,000
   • Buyer: Private investor
   • Commentary:
     • The acquisition of these office assets in Paddington, a sought-after inner Brisbane suburb, reflects continued interest in smaller office spaces within vibrant and well-located areas.
     • These assets provide the investor with flexible space options in a competitive market, likely appealing to small businesses or professionals seeking office space in an accessible location.

Retail Transaction:

1. Shopfront Lease in Wavell Heights
   • Location: B/65 Newman Road, Wavell Heights, QLD
   • Property Type: Retail shopfront
   • Lease Term: Six years plus an option
   • Space: 45 sqm
   • Annual Rent: $27,500 (gross)
   • Tenant: TM & Associates
   • Commentary:
     • The long-term lease of this small retail space in Brisbane’s northern suburbs indicates steady demand for accessible retail locations in suburban areas.
     • The gross lease arrangement provides a straightforward and predictable expense structure for the tenant, likely making it an attractive proposition for small businesses looking to establish or maintain a presence in the area.

These transactions reflect a diverse range of activity in Brisbane’s commercial property market, spanning heritage-listed office buildings in the CBD, smaller office investments in inner suburbs, and suburban retail leases. The continued interest in well-located, character-filled properties, both for purchase and lease, underscores the strength and resilience of Brisbane’s commercial property market, driven by the city’s ongoing development and appeal to both local and interstate 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.

Liability Limited by a Scheme approved under Professional Standards Legislation