50 Market Place
50 Market Place. Image: Savills
  • Waterford West's 50 Market Place sells for $9.415M
  • Ausdeck Group signs major lease for state-of-the-art facility in Brisbane's south
  • Queensland Government purchases two vacant retirement villages for social housing

Queensland continues to be a prime location for sales and leasing activity as demand for quality commercial properties remains high.

The sales of 50 Market Place, a significant leasing deal by the Ausdeck Group and the Queensland Government’s acquisition of vacant retirement villages all demonstrate the strength of the region’s real estate market.

50 Market Place

A medical and retail centre in Waterford West, south of Brisbane, has sold for $9.415 million, demonstrating the sustained private investor demand for essential service retail and medical assets in South East Queensland.

The 1,256 square metre centre includes 13 tenancies and parking for 70 vehicles and occupies a prominent position on Chambers Flat Road, opposite the HomeCo Marsden Shopping Centre. Savills’ Michael Harcourt and Jon Tyson managed the sale, which marks a 6.09% passing yield and a $1.5 million premium over its 2019 sale price.

Savills‘ Associate Director of Retail Investments, Michael Harcourt said the property attracted over 120 inquiries and multiple expressions of interest, despite the rising cost of debt causing investor uncertainty.

The strong tenant mix, including medical and allied health services, contributed to the interest from both local and interstate buyers.

Mr Harcourt said that assets with a significant proportion of essential service tenants are attractive due to their reliability and resilience amidst macroeconomic uncertainty.

50 Market Place
50 Market Place. Image: Savills

56-72 Bandara Street

The Ausdeck Group, an Australian manufacturer of patios and roofing systems, has signed a major industrial leasing deal for a state-of-the-art facility in Brisbane’s south. The company will lease the facility at 56-72 Bandara Street in Richlands from the landlord, GARDA Property Group.

The 13,000 square metre facility will consist of 2,000 square metres of office space and 11,000 square metres of warehouse space on a 30,313 square metre site.

The deal was negotiated by Mark Clifford of Knight Frank and will see Ausdeck consolidate four of its six facilities at Carole Park into one location. Ausdeck will occupy the Richlands facility for an initial 10-year period, with a five-year option.

Mr Clifford said the location was crucial in the selection process, as the site is near Ausdeck’s existing customers and transport networks, such as the Centenary and Ipswich Motorways. It is also close to local amenities, including Centenary Shopping Centre and Forest Lake. The Richlands facility will include multiple gantry cranes and house Ausdeck’s high-tech specialized equipment for producing a wide range of Australian-made products.

Simon Plummer, Managing Director of The Ausdeck Group, said, “This property deal will be transformative for the Group by unlocking significant operational value, improving the Group’s service offering to customers and creating a world-class facility that attracts global talent.”

56-72 Bandara Street
56-72 Bandara Street. Image: Knight Frank

51 Norman Parade

The Queensland Government Department of Housing and Human Services has purchased two vacant retirement villages in Windsor and Toowoomba from Aveo Group to address the growing demand for social housing in the region.

CBRE’s Healthcare & Social Infrastructure team facilitated the transactions.

The 30-unit Windsor property at 51 Norman Parade will provide secure and affordable housing for older adults, while, the Toowoomba property at 279 Bridge Street will house 50 residents once rebuilt. Both properties were sold for approximately $10 million.

CBRE Associate Director Marcello Caspani-Muto said, “With development risk and construction costs at all-time highs, securing large landholdings with significant existing improvements is highly compelling. We are seeing a steady increase in the number of tenants and owner-occupiers entering the space through creative conversions to aged care, healthcare, NDIS, and accommodation uses.”

The acquisitions are part of the Queensland Government’s $3.9 billion investment in social and affordable housing as rising demand has seen wait list times have risen to nearly two years.

Housing Minister Leeanne Enoch said, “Our holistic approach means we are not just providing housing assistance, but also connecting people to support from a range of government and non-government agencies that are specific to their individual needs.”

51 Norman Parade
51 Norman Parade. Image: CBRE

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