Landmark Commercial Property in Brisbane’s Eagle Farm Sells for the First Time in 30+ Years

• A two-storey commercial property at 931 Kingsford Smith Drive in Eagle Farm has sold for $7.225m
• It was purchased by long-standing tenant Tangalooma Island Resort from the vendor in a deal negotiated by Knight Frank following a competitive EOI campaign
• The property has 1,433sq m of lettable area and occupies a 2,960sq m site, with 43 car bays
• The EOI campaign yielded strong buyer interest, with over $30 million in unsatisfied capital looking for similar surrounding opportunities

A well-known landmark commercial property in Eagle Farm has sold for the first time in more than 30 years.

The property at 931 Kingsford Smith Drive was purchased by Tangalooma Island Resort from the long-time vendor. Tangalooma Island Resort have been occupying the property for almost four decades, with the asset crucial to their administration department.

The sale, which saw the property change hands for $7.225 million, was negotiated by Knight Frank agents Hayden Ryan and Christian Sandstrom following an Expressions of Interest (EOI) campaign.

The 2,960sq m Eagle Farm property has 1,433sq m of lettable area over two levels, with 43 car bays.

It is around 80% occupied by tenants Pack & Send Eagle Farm, Eagles Carvery & Take Away and Tangalooma Island Resort.

The asset was sold with a passing yield of 4.4% and a WALE of 1.28 years by income.

Mr Ryan said there was strong buyer interest during the EOI campaign, with ongoing demand for quality commercial assets with significant underlying land value of particular interest.

“The campaign was extremely well received, with over 60 enquiries coming within the first few days of marketing,” he said. “We extracted a total of eight genuine offers on the asset, demonstrating the appetite for assets of this nature.

“We ran a strategic EOI process, which left the door open to all purchaser groups in owner occupiers, value-add investors and developers. Ultimately, we received offers from all of these groups which was important in maximising price and terms for the vendor.

“The sale campaign saw over $30 million of unsatisfied capital from private investors, who are ultimately looking for similar opportunities to deploy their capital in Brisbane.”

Mr Sandstrom said the property was sought after largely due to its location in one of Brisbane’s most tightly-held commercial corridors.

“This is the first time this property has been offered for sale in 30 years,“ he said.

“Assets of this nature are becoming increasingly limited, especially in sought-after locations, so when they do come to the market, they are always met with strong buyer demand.

“This property is a well-known landmark in the heart of Eagle Farm, occupying a prominent position on the corner of Kingsford Smith Drive and Harvey Street North.

“It also has the added advantage of significant value-add opportunities via redevelopment or repositioning in time.”

A Tangalooma spokesperson commented: “This acquisition secures the future of Tangalooma Island Resort’s corporate and administrative functions in a location we have proudly operated within for over four decades.

“The proximity to our Brisbane River ferry terminal, coupled with easy access to the airport, city, and major highways, made this acquisition a strategically important one for the Resort.

“This allows us to continue our operations with minimal disruption, while also enabling us to confidently grow our head office capabilities in the leadup to the 2032 Olympics and beyond.”