Greenslopes is traditionally residential, with some commercial and light industrial areas. In the past few months, we’ve seen some significant change in the suburb that is worth noting.
Since early November, there has been a substantial increase in tenant and investor enquiry in the area and it has essentially become its own suburb (again) in that time and there is plenty in store for 2018 that will ensure the region continues to prosper.
Thanks to the close location to Griffith University, student accommodation in the area is increasing the population, with the UniLodge at Park Central, near Buranda Bus Station, set for completion towards the end of the year.
The market in neighbouring Stones Corner has also increased interest in the area. A recent deal saw Kevin Seymour and the Seymour Group finalise the purchase of 433 Logan Road and 425 Logan Road for $27.5 million. The group has plans to redevelop the ground floor retail which is guaranteed to attract new businesses to the area.
Another recent sale of 283 Logan Road for $1.95million, which has Salvation Army as a tenant, and the addition of 415m2 of strata title retail at ground level of new residential development by Bluesky are also set to bring more businesses.
We’ve noticed that owners are spending money on their buildings to bring them up to new commercial standards, and 392 Logan Road, 398 Logan Road, 400 Logan Road, 408 Logan Road and 416 Logan Road are all going through upgrades and refurbishments, with their owners improving their premises to attract quality tenants. Due to these types of improvements, we have seen a number of tenants shift to better premises.
Businesses that were for sale are now being retained after getting new tenants, including 33 Stoneham Street. The owner decided to retain the asset for a further 3 years after securing a group of doctors to lease the property.
We’re currently negotiating a couple of leases on refurbished premises in Logan Road, and we expect that the suburb will keep expanding and attracting tenants and residents due to the initiatives taken by the existing businesses – including the fifth annual Stones Corner Festival is on Sunday May 6.
Overall, we see new confidence and strong enquire firming for the last quarter of 2017-2018 financial year.
If you want to know more about opportunities in Greenslopes, give our area specialist Jose Rojas a call on 0431 245 598.