Australian property market wrap: 14 November 2023

• A Kangaroo Point development receives approval.
• Another Kangaroo Point development listed for sale.
• A Queensland industrial site sold for $3.03M.

Today’s wrap strongly features Brisbane listings and transactions, along with a list of auctions set to happen in late November.

SOLD

Brendale industrial site sold for over $3M

A 2,033 square metre industrial site in Brendale, Queensland, has transacted off-market for $3.03 million.

Colliers Queensland executive industrial, Jared Conway, secured the deal, at 20 Pinacle Street Brendale, selling to an interstate investor.

“This transaction underlines continued demand for quality industrial investment assets within the Brisbane region,” said Conway.

“The industrial occupier market is particularly tight, with continued demand for land and hardstand driving record breaking sales and leasing transactions, with no signs of slowing down.

“This property presented the buyer with a rare opportunity to secure a freestanding investment within this tightly held precinct of Brendale.

“The buyer was attracted to the long term established business in the leaseback agreement, 3 year lease plus 3 year option, as well as the underlying fundamentals of the built form of the asset.

“The recent cash rate pauses have noticably changed buyer sentiment with a lot of groups who were previously ‘on the sidelines’ now a lot more eager for opportunities.

“The sale reflected an initial yield of 6.17% which is a great result.

“This is a high quality freestanding manufacturing facility, located in the sought after Brendale industrial precinct with a 1208 sqm workshop facility situated on 2033 sqm site.”

Kangaroo Point project given development approval

Fortis has recently secured development approval for 44 O’Connell Street in Kangaroo Point from Brisbane City Council.

Construction on the project will commence in Q2 2024, offering a collection of 14 three-bedroom full-floor residences over 20 metres of absolute Brisbane River frontage.

Titled ‘River House’, each boutique residence will have an exclusive north-east aspect and panoramic views to the iconic Story Bridge to the North. Offering extensive resident wellness facilities, the development includes an infinity-edge pool, sauna, steam room, gym, generous gardens that step down to the river’s edge, a communal lawn perfect for entertaining and a private pontoon.

Designed by Plus Architecture, the 1,196 sqm site occupies a premium elevated position just 12 minutes walk to the Brisbane CBD via the new Green Bridge.

Pallas Group is the parent company of real estate financier and investment manager, Pallas Capital, and property development manager, Fortis.

FOR SALE

$60M in commercial properties to go under the hammer

Raine & Horne Commercial are set to auction off 18 commercial properties at a national auction event on 30 November 2023, with an aggregate value of over $60 million.

The properties vary from $500,000 to $10 million, and include 69-73 Cobra Street, Dubbo, home to Hungry Jack’s in Dubbo.

The 2,834 square metre land holding with a 53-metre street frontage has been listed by commercial sales and leasing agents Joe Burgun, Thomas Haylock and Grahame Allan from Raine & Horne Dubbo.

“It boasts a secure head office lease with Hungry Jack’s that is in place until 2035, and compounding fixed 3% annual rent increases ensuring stable long-term income with an annual net income of $256,790 plus GST,” said Burgun.

Burgun added that the 275 square metres restaurant was constructed in 2020 with dual lane drive through and capacity for fourteen cars waiting to be served.

Kangaroo Point development site comes to market

A 3,069 sqm site in the inner-city suburb of Kangaroo Point, with development approval for a mixed-use scheme comprising a ground floor retail strata leased to Woolworths for 10 years (plus 10 x 5 year options) and 130 luxury residential apartments within a 15 storey tower, has hit the market.

The site is located in one of Brisbane’s most desirable inner-city localities at 25-31 Ferry Street and 16-30 Prospect Terrace Kangaroo Point, close to the Brisbane River, CBD and ‘Kangaroo Point Green Bridge’.

Designed by Cottee Parker architects, the entire retail strata has a lettable area of 2,579 sqm and will include a Woolworths supermarket, BWS and café. On completion, this will be the first supermarket in Kangaroo Point.

The property is for sale via EoI, closing 21 November 2023.