- A private Asian investor has made the acquisition.
- The sale is considered to be a harbinger of more Asian capital to be poured into Brisbane.
- Located near the Woolloongabba precinct, which is to be a major hub during the 2032 Olympics.
Colliers Queensland has sold the ground floor of “The Wellington” for $12.5 million to a private Asian investor.
According to Colliers Queensland Director Investment Services Nick Wedge, the sale is a sign that Asian capital is moving to Brisbane ahead of the Brisbane 2032 Olympic and Paralympic Games.
“A corner site located within a 2 km radius of the CBD and close to the soon-to-be-opened Cross River Rail this site offered a terrific opportunity for investors,” Wedge said.
“For some time, industry experts have been forecasting that Brisbane would be the best-performing capital city market over the coming three years.”
Wedge added that as of January 2022, Brisbane was outperforming all other Australian capitals, with a total annual return for 2021 of 33.7%. ahead of Sydney’s 20.2% and Melbourne’s 12.7%.
Brisbane 2032 – largest ever event for QLD
Prime Minister Anthony Albanese confirmed, earlier this year, that the Games will be the largest event that’s ever been held in Queensland.
“The Australian Government has worked cooperatively with the Palaszczuk Government to secure infrastructure projects that will have long-term and transformational impact on Queensland as we count down to 2032,” Albanese said.
“My Government is ensuring that every dollar that is invested has lasting benefits, not just for Brisbane but for all Queenslanders and all Australians.”
Golden opportunity
Colliers Queensland Director Asian Markets Tony Wang said with unprecedented levels of infrastructure development in Brisbane with the Olympic Games, Asian capital was looking for openings in the market.
“This site offers a great opportunity on the corner of Wellington Road and Overend Street right near the Woolloongabba precinct that has been recognised as Brisbane’s next major central hub for the 2032 Olympics,” he said.
“Woolloongabba is experiencing major growth and in 2032 will be the same as Homebush was 20 years ago — we can expect to see more Asian Capital moving here as properties come to market.”
Colliers Queensland National Director Transaction Services Healthcare and Retirement Living Chris O’Driscoll said the Wellington also presented a unique inner city investment opportunity to acquire a key health offering with quality complementary tenants.
“The opportunity, anchored and operated by Renaissant East Brisbane Day Hospital, which is a custom designed day hospital, is further complemented with a mix of health and retail tenants,” O’Driscoll said.
“With strong rental income from a premium medical facility certified as a Level 2 Day Hospital and located in inner city Brisbane, this was a great opportunity.”
The balance of the building, separate to the offered ground floor investment, sits The Wellington Apartment Hotel Brisbane.
