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- DEVELOPER BANKS ON PRECINCT'S MEDICAL FUTURE
- LARGE LAND COMPONENT SPARKS PRE-AUCTION OFFER
- HIGH STREET RETAIL GEM TO BE RESET FOR NEW TENANT
- VIRGINIA WAREHOUSE SPACED OUT
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DEVELOPER BANKS ON PRECINCT'S MEDICAL FUTURE
CHRIS HERDE
THREE strata-titled office/warehouse units in Brisbane's inner-city have sold under the hammer, with a planned four-tower medical and business precinct across the road being a major drawcard for potential buyers.
A developer paid $3.125m for the freestanding building at 19 Thompson St, Bowen Hills, after a campaign by Raine & Horne Commercial's Keelan Mylius and Vaughn Smart.
Mr Mylius said the campaign generated more than 100 inquiries and eight registered bidders on the day.
"It was a tenanted investment and they were attracted to the development plans across the road," he said.
Brisbane-based developer Gansons is planning through Economic Development Queensland to build a 14-storey tower and three eight-storey towers on a 1.26ha site at 12 and 18 Thompson St.
Early plans for the site included a 1439sqm hospital and 8382sqm of office space for healthcare services, research and technology, as well as a rooftop garden, solar panels and charging stations for electric vehicles.
On a 1241sqm site, the strata unit building at 19 Thompson St has 1050sqm of space and three current tenants - Call a Cooler, AECOM Australia, Jack Chapman Optical Laboratory.
The property has substantial development of up to eight storeys.
It was sold on a tight sub 5 per cent yield and, according CoreLogic, it last changed hands in 2013 for $2.15m.
Mr Smart said the Thompson St precinct would undergo a major transformation over the next 10 years.
"There's a large appetite for inner city freestanding buildings, both tenanted and vacant, and especially those with future development upside primarily off the back of low interest rates and a COVID resilient Queensland economy," Mr Smart said.
"There's plenty happening in this area."
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