17/05/2013 - Stafford Units Tick Boxes

PENT-UP demand for commercial space in Brisbane’s north has led to a string of deals at a newly-completed mixed-use development at Stafford.

Three of seven ground floor tenancies at the North Park Business Centre have been sold in transactions totalling almost $3.1 million and leases have been negotiated for four spaces.

Raine & Horne Commercial’s Trent Bruce and Hudson Dale struck the deals.

Among the sales was a 300sqm tenancy that sold for $1.2 million to an accountancy firm, a 174sqm space purchased for $760,000 by an electrical engineering company and a 150sq m tenancy sold to a chiropractor.

A fourth tenancy spanning 143sqm was sold to a Brisbane based investor for $558,000 and has been leased for $45,000 a year plus GST and outgoings to the Queensland Government as the office for Stafford MP Dr Chris Davis.

Other leasing deals secured in the complex include a 10-year commitment on a 585sq m tenancy by Queensland Health returning $234,000 a year; and a seven year lease secured by Anglicare on 900sqm at $306,000 a year.

The North Park Business Centre is part of mixed use development that also comprises 156 apartments across three buildings developed by RLW Developments on the corner of Webster Rd and Babarra St.

‘‘It’s a bit of pioneering project in the Stafford precinct from a commercial development point of view and has been highly successful,’’ Mr Bruce said.

‘‘I think that’s testament to its location 800m from the Airport Link tunnel entry/exit and only 7km north of the CBD.

‘‘Another big attraction was the parking ratio of one secure undercover parking bay for every 30sqm.’’

Mr Dale said the area was notoriously very tightly held and a slowdown in development since the GFC had created pent up demand in the market.

‘‘Owner-occupiers with the low interest rate environment are now starting to come back to the market,’’ he said.

‘‘All three of the owner occupiers who have so far purchased tenancies in North Park Business Centre have come from the local area and were attracted by the central position of the project.’’