Queensland Commercial Property Weekly Wrap-Up
Week Ending 28th November 2025
Market Overview
Queensland’s commercial property sector remains resilient, with strong activity across lifestyle, retail, and development sectors. Leasing demand for health and hospitality assets continues to strengthen, while the strata retail and greenfield markets show solid transactional depth. International recognition of Brisbane’s cultural corridors and a stabilising policy environment are supporting investor confidence as the market heads toward 2026 (Herde, 2025; Tassell, 2025; Davis, 2025).
This Week’s Highlights
Retail and Lifestyle – Function Well, West End
Address: Tenancy beneath Allere Tower, West Village, 97 Boundary Street, West End (Brisbane)
Health and wellness operator Function Well, owned by Darren and Natasha Bain, has secured a 10 year lease over a 3,000 m² four level space beneath the Allere apartment tower within West Village. The flagship venue, opening in April 2026, will include 24 hour training zones, recovery facilities, yoga and pilates studios, and a business lounge. The lease highlights continued demand for high experience tenants in premium mixed use precincts in Brisbane’s inner south (Herde, 2025).
Hospitality and Retail – Alfi Eatery and Bar, Everton Park
Address: Park Lane Dining Precinct, Everton Plaza, 791 Stafford Road, Everton Park (Brisbane)
The Ghanem Group Hospitality has commenced fit out for Alfi Eatery and Bar, an 800 m² 350 seat Mediterranean inspired venue due to open in mid 2026. The venue, within the redeveloped Park Lane dining precinct, will be the largest hospitality tenancy at Everton Plaza and the group’s first suburban operation. This move underscores confidence in Brisbane’s suburban lifestyle and dining markets (Herde, 2025).
CBD Retail and Strata – Hospitality Group Acquisition, Brisbane City
Address: Lots 2 and 3, Ground Floor, Spire Residences, 550 Queen Street, Brisbane City
A fast growing Asian hospitality group has purchased two retail strata lots totalling 215 m² for $2.45 million. The sale achieved $11,395 per m² and reflects ongoing owner occupier demand in Brisbane’s CBD strata market. More than 90 per cent of recent CBD strata transactions are now to owner occupiers (Herde, 2025).
Development and Land – Ausbuild, South Ripley
Address: 58–116 Coleman Road, South Ripley (Ipswich)
Master planned community specialist Ausbuild has acquired a 64.74 ha site for $45 million, with capacity for up to 500 residential lots. The $400 million project will dedicate 30 ha to conservation and 5.5 ha to parklands. The transaction attracted eight formal offers, highlighting strong demand for development land in Ipswich’s southern growth corridor (Herde, 2025).
Summary of Transactions (Week Ending 21 November 2025)
| Sector | Property / Tenant / Buyer | Address and Suburb | Type / Area | Price / Lease Term | Source |
|---|---|---|---|---|---|
| Retail / Fitness | Function Well | 97 Boundary St, West End | Lease 3,000 m², 10 yrs | N/A | The Courier Mail (Herde, 2025) |
| Hospitality / Retail | Alfi Eatery and Bar (Ghanem Group) | 791 Stafford Rd, Everton Park | Lease 800 m², 350 seats | N/A | The Courier Mail (Herde, 2025) |
| Retail / Strata | Asian Hospitality Group | Lots 2 & 3, 550 Queen St, Brisbane City | Sale 215 m² | $2.45m ($11,395/m²) | The Courier Mail (Herde, 2025) |
| Development / Land | Ausbuild | 58–116 Coleman Rd, South Ripley | Sale 64.74 ha | $45m | The Courier Mail (Herde, 2025) |
General News
Star Entertainment Takeover Approved
The Queensland Government has approved Bally’s Corporation and Investment Holdings to acquire Star Entertainment, operator of Queen’s Wharf Brisbane and The Star Gold Coast. The approval by the Office of Liquor and Gaming Regulation provides operational certainty and supports continued investment in Queensland’s integrated resort sector. For the commercial property sector, the acquisition is significant. It ensures continuity for the Queen’s Wharf Brisbane precinct, one of the most valuable integrated resort and mixed-use developments in the state, and supports ongoing employment, retail, and hospitality leasing within the broader Brisbane CBD. The approval also reinforces Queensland’s attractiveness for large-scale international investment in tourism and entertainment infrastructure, a key driver for both commercial and hospitality property demand across Southeast Queensland (Davis, 2025a).
Civil Development Costs Rising Across SEQ
Construction and land development costs across Brisbane and South East Queensland have continued to escalate through 2025, driven by sustained material price inflation, labour shortages, and an expanding infrastructure pipeline. According to Turner & Townsend’s International Construction Market Survey (2025), Brisbane remains the most expensive city in Australia to build in, with average costs now reaching approximately $5,009 per m², reflecting increases across all major project categories (Turner & Townsend, 2025).
Master Builders Queensland (2025) has similarly reported persistent supply and labour constraints impacting project delivery timelines and cost stability. Prices for key inputs such as concrete, steel, and asphalt have risen substantially since the pandemic, with average lead times for critical materials remaining well above pre-2020 levels. The industry body notes that the combination of high demand, workforce shortages, and regulatory delays continues to challenge residential and commercial developers alike.
Broader market commentary from Domain (2025) warns that construction costs could climb further as Brisbane’s infrastructure program accelerates in preparation for the 2032 Olympic Games. The anticipated surge in government-backed civil and transport projects is expected to heighten competition for resources, potentially driving further price escalation in the private sector.
For commercial property, the continued rise in construction and servicing costs may prove advantageous. As new development becomes more expensive, the relative value of established commercial and mixed-use assets is likely to strengthen, supporting higher occupancy rates, steady rental growth, and greater capital value resilience across key Brisbane and South East Queensland precincts.
Montague Road Named One of the World’s Coolest Streets
Address: Montague Road, West End (Brisbane)
Time Out magazine has ranked Montague Road the sixth coolest street in the world, citing its transformation from an industrial corridor into a creative and lifestyle hub anchored by Queensland Ballet, GOMA, boutique retailers, and hospitality venues. The recognition enhances Brisbane’s cultural brand and supports commercial appeal in the West End and South Brisbane corridor (Tassell, 2025).
Final Take
This week’s transactions and announcements highlight Brisbane’s growing reputation as both a lifestyle city and a resilient investment destination. From large scale suburban and greenfield activity to global recognition of inner city precincts, Queensland’s commercial property landscape continues to broaden. Rising construction costs may limit new supply, reinforcing the value of existing assets and established precincts (Herde, 2025; Davis, 2025b; Tassell, 2025).
References
- Davis, W. (2025a, November 20). Star Entertainment takeover approved by Queensland government. WAToday. Fairfax Media Publications Pty Limited.
- Davis, W. (2025b, November 22). The hidden housing cost surging in Brisbane, and how the Olympics could turn the screws. Brisbane Times. Fairfax Media Publications Pty Limited.
- Herde, C. (2025, November 21). Big lift for gym couple. The Courier Mail. News Corp Australia.
- Herde, C. (2025, November 21). Hospitality group arrives in Queen St. The Courier Mail. News Corp Australia.
- Herde, C. (2025, November 21). Builder snares mega site. The Courier Mail. News Corp Australia.
- Tassell, D. (2025, November 20). ‘Bit of a reach’: Surprising Brisbane street named one of the coolest in the world. Brisbane Times. Fairfax Media Publications Pty Limited.
- Domain. (2025, May 7). Calm before the storm: Construction costs to surge again before Brisbane 2032. Domain Group.
- Master Builders Queensland. (2025, June). Trade, material delays and cost increases update. Master Builders Queensland.
- Turner & Townsend. (2025, April). International Construction Market Survey 2025: Australia Report. Turner & Townsend Pty Ltd.
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.
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