$3 million investment at Dockside to benefit from proximity to future Olympic precinct23 January 2024
In a sign of continued investor interest in the Olympic Precincts of Gold, a local investor has paid $3 million for a two-level high-quality strata lot in the Dockside development at Kangaroo Point.
In a deal transacted by Colliers agents Nick Wedge, Shaun Seeto and Tony Wang, Lot 3, 44 Ferry Street, is located on the ground floor and level 1, directly beneath the Dockside Apartment Hotel with over 350 hotel apartments.
Colliers Queensland Director Investment Services Nick Wedge said the lot offered a 100 per cent leased high quality multi-tenanted investment within a renowned precinct, right near the future 2032 Olympic precinct.
“A highly effective competitive campaign process generated over 40 enquiries and multiple offers at the end of the expressions of interest process,” Nick Wedge said.
“Competitive bidding ultimately pushed the price up to achieve a strong result for a strata investment.”
“There was a lot of demand for the asset as it is ideally located to capture the future 2032 Olympics precinct, just 1.4km away from the Gabba Stadium and 850m from the Olympic Athletic Track.
“With Brisbane experiencing some of Australia’s most anticipated infrastructure and development projects, 44 Ferry Street is strategically positioned to capitalise on these city shaping precincts such as the Olympics, future Cross River Rail and Kangaroo Point Greenbridge.
“The purchaser is a local investor, who already owns in the area and understands the future uplift of this precinct,” Nick Wedge added.
Colliers Queensland Executive Investment Services Shaun Seeto said the the space was leased to Axial College, Carbonbase Catering and JL Wellness Remedial Therapies returning a net income of $248,854 per annum, making it an attractive offering for buyers.
“The investor was ultimately drawn to the scarcity of suitable commercial cooking premises for education businesses,” Shaun Seeto said.
“In the education sector, there is high demand for fit for purpose commercial spaces with 9B classification, and this offered the chance for the buyer to enter into this market.
“And located within Brisbane’s pre-eminent commercial, retail and medical precinct, 44 Ferry Street offers convenience and amenity, located just 650 metres from Brisbane’s Central Business District.
“It is a tightly held precinct due to its great location and will be more in demand with the soon to open Kangaroo Point Green Bridge to link the Eagle Street Pier in the CBD directly to Kangaroo Point,” Shaun Seeto added.
Colliers Queensland Director Investment Services Tony Wang said for some time, industry experts have been forecasting that Brisbane would be the best-performing capital city market over the coming three years.
“Over the next twenty years, the Brisbane 2032 Olympic and Paralympic Games are forecast to generate economic and social benefits of $8.1 billion for Queensland and $17.6 billion for Australia,” Tony Wang said.