Moreton Bay Region
The Moreton Bay region encompasses the former Caboolture and Pine Rivers Shires as well as Redcliffe City, and covers 2,037 square kilometres. The region is one of Queensland’s most progressive, fastest growing regions.
With South-East Queensland attracting on average 55,000 new residents annually, the region is experiencing significant business growth. The Moreton Bay region is capitalising on this growth by emerging as a strong economic hub. The precinct’s close proximity to the Brisbane Airport and Port and the Bruce Highway provides considerable opportunities for investors and business owners wanting to start up in a profitable environment.
Overall, there is a solid and consistent level of enquiry in the region and with fresh enquiry coming in daily for both sale and lease requirements, demand for quality properties in the region is significantly high. Tenants and buyers are generally looking at larger properties, providing evidence that businesses are now growing and that confidence is steadily increasing after the Global Financial Crisis (GFC).
The market is currently dominated by owner occupiers, followed by investors. The most in demand properties are quality investments with long leases and freestanding buildings.
Rates in this precinct vary due to the large area the Moreton Bay region covers. In Redcliffe, one of the most popular suburbs in the region, lease rates are typically from $250 to $300/m² for contemporary style commercial buildings and low $200’s/m² for secondary stock.
The industrial area of Brendale continues to be in demand with high levels of enquiry for smaller industrial units up to 300m². Leasing rates reflect the aftermath of the GFC with industrial units generally achieving between $85 and $105/m². While the number of sales transactions has been relatively low, increased enquiry indicates buyer confidence is returning to the Brendale market. New developments continue to press forward in the area, offering investors and owner occupiers alike the opportunity to choose from a multitude of new stock.
North Lakes is one of the most in demand areas in the Moreton Bay Region and this is evident by the number of transactions that have transpired in the past few months. Recent leasing deals include an office/warehouse property at 205m² for $160/m² net and a pure warehouse at 606m² for $138/m² net.
The award-winning North Lakes Business Park has continued to be in high demand among major companies. A recent deal saw bus company Hornibrook purchase 4 lots, totalling 1.5ha for about $5 million. The Moreton Bay region has a busy year ahead with countless projects now underway.
The Moreton Bay Regional Council’s ‘The Hub’ complex in Caboolture has already begun and is expected to be finished in September this year. The project will deliver a library and learning facility.
There is also the $20 million upgrade of Redcliffe’s shopping precinct. The upgrade is expected to be finished by the end of the year. The project will incorporate several improvements from wider boulevard style footpaths and parallel parking in Redcliffe Parade, to name a few.
Community consultation has closed on the Moreton Bay Rail Link and the design work is already underway. The $1.15 billion project will deliver a 12.6km dual-track rail line between Petrie and Kippa-Ring. Six new rail stations will be delivered as part of the project at Kallangur, Murrumba Downs, Mango Hill, Kinsellas Road, Rothwell and Kippa-Ring. The project will deliver a more reliable transport network, increase connections between key activity centres within the region and reduce traffic congestion. It is expected construction will begin in 2012.
To find out more information on leasing and sale rates in the Brisbane Commercial market, download our Commercial Insight Magazine or contact our local expert on the details below.