The Central Corridor includes a dynamic mix of suburbs, such as Kedron, Lutwyche, Nundah and Aspley. The precinct also includes Chermside, a thriving commercial, retail and residential precinct that has proven to be an active development area. Chermside is described by the Queensland Government as a “Principal Activity Centre”, meaning that over the next 20 years, the area has to accommodate substantial commercial, residential and employment growth. As a result, significant spending on improving local infrastructure has been planned. This will attract major developments in the area and further establish Chermside as the CBD of the North.
New developments include the Northern Bus Way, significant expansions to the Westfield Shopping Centre and the upgrade of the Prince Charles Hospital, all of which will further promote Chermside’s successful growth well into the future. Two brand new nine storey mixed use residential / commercial high rise towers have recently been completed including The Edge Chermside and C1 Apartments. Both developments have been a resounding success for the developers with the majority of units being sold prior to completion and the commercial/retail components nearly 100% sold and/or leased to date.
Developers are still seeking parcels of land within the Central Corridor for future redevelopment. This is largely due to the numerous future changes to zoning and increase to height restrictions within areas such as Chermside, Lutwyche, Nundah and Windsor. Developers are favouring sites with sufficient holding incomes so they are able to buy and hold for a few years prior to future redevelopment.
A recent successful commercial sale was secured post auction at 10 Hall Street, Chermside for $1.4million. The quality freestanding commercial building provided 309m² of NLA situated on 685m² of land. This sale equated to $4,530/m² based on the building or $2,040/m² on the MP2 zoned land. The building was also leased to a national tenant prior to settlement for $95,000 pa + GST on a 3 year lease term.
Gympie Road’s popularity within the retail/commercial sector is evident by the high volume of deals that have recently transacted. In fact, Raine and Horne Commercial have been involved in 12 sales and leasing transactions on Gympie Road alone over the past few months. Overall there has been an increase in activity within the precinct and enquiry levels appear to be remaining consistent in all suburbs.
The Central Corridor is set for significant growth in the coming years once a number of major infrastructure projects are completed.
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