Eight Mile Plains property sells for close to $20 million

A recently constructed building in one of Brisbane’s largest and leading business precincts has sold for $19.735 million in an off-market deal.

The 3,118sq m property at 1 Miles Platting Road in Eight Mile Plains, situated within the Brisbane Technology Park, has 2,808sq m of net lettable area spread over two levels of the building and 62 car parks.

The asset was purchased by private investor Southern Cross Group in a deal negotiated by Matt Barker and Blake Goddard of Knight Frank.

1 Miles Platting Road was the final asset in Alceon’s BTP trust that commenced in 2013. The BTP Trust was created to capture the increasing demand for quality suburban office accommodation that is affordable and has high levels of car parking and amenity.

The trust developed two office buildings and sold three development sites at Eight Miles Plains, four office buildings and a childcare centre at Northshore Hamilton, delivering a total of 21,800sqm of office accommodation worth approximately $110 million over the last 9 years.

The sale brings Alceon’s exposure in Eight Miles Plains to an end, but they continue to deliver A-grade commercial office accommodation in Northshore Hamilton and Robina, as the demand for high-quality accommodation continues to increase, having recently completed construction and leasing of 385 Macarthur Avenue, Hamilton, and the Metricon Building at Robina.

Mr Barker said the sale was one of the larger deals in Brisbane Technology Park to take place in recent times.

β€œWhile this property was sold in an off-market deal we had significant interest from several buyers keen to invest in the business park,” he said.

β€œA majority of investor interest stemmed from the property’s high-profile position, quality tenants, and strong cash flow.”

Mr Goddard said the building occupied Brisbane Technology Park’s most strategic location with frontage and exposure to both Logan and Miles Platting Road.

β€œThe development benefits from the existing park amenities such as connectivity to the high-speed fibre optic network, onsite security and proximity to childcare facilities, cafes and restaurants,” he said.

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.

It is serviced by the South East Busway, the Beenleigh Railway line at Runcorn station and is convenient to Griffith University campuses in Nathan and Mt Gravatt. In 2023, public transport connectivity in the area will be transformed with the arrival of turn-up-and-go Brisbane Metro services at Eight Mile Plains busway station.

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

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