Below is a list of some of the biggest Brisbane commercial property sales that have transacted over summer.
56 Edmondstone Road, Bowen Hills (Virgin Australia’s headquarters) sold in December 2017 for $94.1 million. It was bought by Charter Hall’s Long Wale Real Estate Investment Trust. It chose to buy the property for a number of reasons including –
It sees values rising in the Brisbane fringe office market,
The A-grade building on the property compromises 12,427sqm of net lettable area across 3 low-rise office buildings, and
The property is fully leased to Virgin Australia, who have a lease until 2026.
Another large commercial sale for the Brisbane market is AMP Capital’s Wholesale Australian Property Fund’s purchase of the Gasworks Plaza complex. The deal as put together in December 2017 with the group purchasing the Gasworks Plaza complex from Aveo group. The price was $248.4 million. The sale incorporated Gasworks 1, 2 and 3, with AMP Group fending off competition from Charter Hall Group and Mirvac Group. Gasworks 1 and 2 are a modern mixed-use development that includes a 8,740sqm upmarket shopping centre, 8,994sqm of office space across two buildings, and 426 car parking spaces. Gasworks 3 is still under construction but will add a further 1,100sqm of retail space and a further 81 car parking spaces.
One of Brisbane’s most highly rated hotels has been sold to Hong Kong’s Ovolo Hotels. Settlement is set for April 2018. The Emporium Hotel in Fortitude Valley sold for a price that has been touted at around $40 million. Ovolo Hotels will takeover the hotel from mid-April 2018 with Emporium moving to its new flagship hotel at South Bank (which opens in mid-2018). The Fortitude Valley hotel was developed almost 10 years ago by Anthony John Group. The hotel has 102 rooms and a rooftop pool. Ovolo Hotels cited the below reasons as part of its decision to purchase the Fortitude Valley hotel –
An expected increase in Brisbane’s tourism visitors,
The expansion plans for Brisbane Airport to encourage tourism,
Brisbane’s new international cruise terminal development, and
The redevelopment of the Queen’s Wharf precinct
Now this last one may not be the biggest but it’s still pretty special. The century-old former Ithaca Fire Station in Paddington has sold at auction for $1.375 million. The heritage listed property will now be the home to another important civic service – dental work! The vendor has been restoring the property for over two decades and is happy with the outcome of the sale. The property sits on one of Brisbane’s highest points and was originally built in 1918. Here is a link to an article from a Brisbane history blog describing some of the history around this site.