EOI opens on mix portfolio opposite 2032 Olympics centrepiece

A 2,366sqm mixed use asset in Kangaroo Point has launched to market in what is expected to be a competitive expressions of interest (EOI) sale process.

The site is fully leased and comprises hotel, retail, hospitality, and health properties directly opposite the Gabba Stadium.

Situated adjacent to Woolloongabba Masterplan development which incorporates the Cross River Rail Gabba Station precinct and a vibrant mixed-use hub, the asset provides perfect conditions to maximise effortless advantages in investment and deliver strong yields.

Colliers Director Investment Services and listing agent Tom O’Driscoll said Kangaroo Point and Woolloongabba are seeing great interest nationally and internationally due to formal announcement of the 2032 Olympics.

“We anticipate a competitive EOI process for a listing of this nature as it sits directly opposite the centerpiece of the 2032 Olympics,” Mr O’Driscoll said.

“Further to its positioning within one of Brisbane’s most blue-chip, inner-city suburbs, this particular property is backed by Australia’s most defensive asset classes.

Colliers Associate Director Investment Services Nick Wedge said combine its tangible offerings with a de-risked cashflow backed by a strong weighted average lease expiry (WALE), the site provides a rare opportunity for serious investors.

“The commercial market in Brisbane has remained extremely strong following 2021 with a lot of interstate investors looking for diverse income profiles and strong value uplift,” Mr Wedge said.

“We also continue to receive strong demand from international buyers looking to secure assets where they have holding income, particularly with mixed-use zoning.”

In addition to the mix of quality commercial and retail tenants, the primary attraction for the site is the projected growth for the area with many major infrastructure and development projects both in the pipeline and nearing completion.

The site is a prominent asset in a tightly held location with a diverse income stream across various asset classes.

The portfolio presents a strong WALE for more than five years as of 1 July 2022, with a $768,046 net per annum, 2,366sqm combined net lettable area and 20 car parks.

The site’s dual street frontage and access, just 500m* from the nearly completed Cross River Rail Station, provides the market with a highly exposed, inner-city offering.

The sale is listed by Colliers’ agents Tom O’Driscoll and Nick Wedge on behalf of Quantum Group.

EOI opened on Tuesday 19 April 2022 and closes on Thursday 26 May 2022.