A fully-leased freehold retail asset in one of the Brisbane CBD’s most tightly held precincts has been sold following a competitive Expressions of Interest (EOI) campaign that drew strong interest from both local and interstate buyers.
The property at 153 Elizabeth Street was purchased by a private investor for $11.05 million in a deal negotiated by Blake Goddard, Hayden Ryan and Jacob Heinke of Knight Frank on behalf of the vendor, Peter Croke Property Bare Holdings Pty Ltd.
The asset comprises a 1,007sq m fully leased retail and entertainment building on a 504sq m site, fully leased to three tenants including Korean BBQ restaurant Bornga, Sushi Edo and Dream Karaoke & Lounge. It has two car parks.
The property was sold with a WALE of 4.24 years by income, and a net passing yield of 5.84%, with a net income of $645,457 per year.
Positioned within one of Brisbane CBD’s most tightly held retail precincts, the property benefits from strong foot traffic, proximity to Queen Street Mall and connectivity to major transport infrastructure and surrounding infrastructure investment, further underpinning its appeal to investors.
Mr Ryan said the property generated strong buyer interest during the EOI campaign, resulting in multiple bids, and highlighting continued demand for well-located retail assets with secure income profiles.
“A total of 112 enquiries were received throughout the EOI process from a broad range of traditional investors and privates based locally and interstate seeking exposure to Brisbane’s CBD retail sector,” he said.
“Assets of this calibre, offering 100 per cent occupancy and a strong income stream with highly-established and quality retailers, are increasingly scarce, particularly within tightly-held core CBD locations such as Elizabeth Street.
“Investors are continuing to recognise the long-term growth potential of Brisbane, particularly assets positioned to benefit from major infrastructure investment.”
Mr Heinke said the property’s location within Brisbane’s evolving CBD was a key driver of buyer interest.
“153 Elizabeth Street is uniquely positioned to benefit from some of the city’s most significant infrastructure projects, including the $3.6 billion Queen’s Wharf development and the $6.9 billion Cross River Rail project, which are expected to materially increase visitation and activation within the precinct,” he said.
“The asset’s proximity to Queen Street Mall, the Golden Triangle and major transport nodes ensures ongoing tenant demand and income resilience, making it a highly attractive long-term investment.
“With continued population growth, strong retail spending and tightening vacancy across the Brisbane CBD, we expect sustained competition for comparable assets moving forward.”
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