Brisbane Technology Park site sale

A commercial development site in Brisbane’s south allowing for a mix of uses has sold following strong competition from buyers.

The vacant 3,563sq m lot at 25 Miles Platting Road in Eight Mile Plains was one of the last remaining development opportunities within the Brisbane Technology Park.

It was purchased by Graystone from a private vendor for $4.3 million in a deal negotiated by Blake Goddard and Matt Barker of Knight Frank.

Mr Goddard said the Expressions of Interest campaign for the property resulted in more than 50 enquiries, with five offers received, many of which were unconditional.

“Buyers were attracted to the site largely due to its high exposure, being situated at one of the main entrances to the Brisbane Technology Park, on a prominent corner position at the intersection of Miles Platting Road and Clunies Ross Court,” he said.

“It also has favourable zoning to allow for a mix of future commercial uses, so the options for a future development aren’t limited.”

Mr Barker said the site was one of the last land holdings available for redevelopment in the Brisbane Technology Park, one of Brisbane’s largest and leading business precincts.

“The Brisbane Technology Park has begun reaching its maturity as development sites within the park are limited and demand continues for new office space,” he said.

“The land was hotly contested in final bidding due to the scarce nature along with its strong fundamentals for a future development.”

The regular-shaped parcel of land at 25 Miles Platting road is ready to develop, being cleared and levelled, allowing a flexible development timeline to suit the incoming purchaser.

The Brisbane Technology Park spans more than 33 hectares, comprising in excess of 45 commercial office buildings and 200 tenants, with additional facilities including conference centres and an apartment hotel in the precinct.

Bordered by the Pacific and Gateway Motorways, the Park benefits from direct access to a wide array of infrastructure and amenity, including the Brisbane CBD which is less than 15 kilometres away.

Established national and international tenants committed to the area include Woolworths, 7-Eleven, Toshiba and Fujitsu.

Graystone intend on utilising the site for future tenant demand, in addition to the strategic purchase neighbouring their existing project at 5 Miles Platting Road which is currently under construction for a 3,000sqm commercial office building.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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