McGees Wrap Up 20th December 2024

This week witnessed significant activity across various commercial property sectors in Queensland, highlighting strong investor interest in retail, industrial, office, hospitality, and development assets. Here are the key transactions:

Retail

Kedron, QLD

• Address: 192 Gympie Road

• Details: Tuncil Park Investments acquired this 507 sqm property with 10 car parks for $3.35 million. The site, leased to Repco and GOA billboards, offers secure income until 2027 with future development potential, benefiting from its prime location on a busy arterial road with 65,000 daily vehicle passes.

Dakabin, QLD

• Address: 90-94 Whitehorse Road

• Details: An interstate investor purchased the 713 sqm convenience and childcare centre for $3.56 million. Anchored by SPAR supermarket and Little Legends Early Learning Centre, the property has a 3.2-year WALE and achieved a 5.86% yield.

Industrial

Mount Gravatt East, QLD

• Address: 11 Creek Road

• Details: YFG Shopping Centres acquired this 1,690 sqm corner site for $3.85 million. Previously a Beaurepaires outlet, it includes a 670 sqm brick warehouse and showroom building located next to Mount Gravatt Plaza.

Yarrabilba, QLD

• Details: Natgen acquired a commercial office and warehouse site for $10.137 million. Plans include developing 15 strata-titled units ranging from 200 to 300 sqm. The project targets a 25% return over 18 months and capitalises on Yarrabilba’s strategic growth location.

Coolum Beach, QLD

• Address: 8/25 Quanda Road

• Details: A tilt-slab warehouse spanning 134 sqm (99 sqm ground floor and 35 sqm mezzanine) sold for $515,000. Located in Coolum Eco Industrial Park, the property features high-access roller doors, a kitchenette, and shower facilities.

Brisbane Airport, QLD

• Address: 65 & 75 Pandanus Avenue

• Details: Alliance Airlines purchased two adjacent hangars with 10,190 sqm of space for $20.9 million. These properties enhance Alliance Airlines’ strategic operations at Brisbane Airport.

Office

Moorooka, QLD

• Address: 915 Ipswich Road

• Details: Allvey Property Group acquired this two-storey, 1,032 sqm building for $3.9 million. With high exposure and 14 secure car parks, the property will undergo upgrades for future full-building tenancy.

Kedron, QLD

• Address: 558 Gympie Road

• Details: A 640 sqm building with a prominent billboard asset sold for $5 million. It offers 16 undercroft car parks and will house Ray White Chermside.

Brisbane CBD, QLD

• Address: 247 Adelaide Street

• Details: Queensland Country Bank purchased this seven-level, 3,044 sqm office building for $19 million. The acquisition reflects their expansion strategy while maintaining regional community support.

Hospitality

Kulpi, QLD

• Address: 22 Oakey – Cooyar Road

• Details: The Pioneer Hotel, an essential hub for the local agricultural community, sold for approximately $100,000. The property includes a commercial kitchen, bar, and accommodation facilities.

Sandgate, QLD

• Address: 1 Bowser Parade

• Details: The historic Sandgate Post Office, transformed into a gastro-pub, sold for $4.1 million. The venue includes a bar, whiskey vault, and alfresco dining spaces.

Durack, Moorooka, and Redbank, QLD

• Addresses:

• Lucky Tree Tavern: 248 King Avenue, Durack

• Willow Hotel: 215 Beaudesert Road, Moorooka

• Commercial Hotel: 72 Brisbane Road, Redbank

• Details: MA Redcape Hotel Fund acquired these three properties as part of its strategy to expand and enhance its hotel portfolio. The acquisitions highlight the growing value of Queensland’s hotel assets.

Development Sites & Land

Coolangatta, QLD

• Address: 5 Winston Street

• Details: A 632 sqm site sold for $2.4 million. Zoned Medium Density Residential, the land has a lapsed DA for a five-level apartment building with nine units and 14 car parks, located just 100 metres from Kirra Beach.

Summary

This week’s transactions underscore Queensland’s robust commercial property market, with diverse acquisitions across strategic locations. Investors are targeting retail centres with solid tenants, industrial sites with development potential, and unique hospitality and office properties that cater to evolving market demands. These transactions reflect the state’s economic growth and the increasing appetite for high-yielding, strategically located assets.

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

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