This Week's Queensland Commercial Property Market Overview:
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
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