High Stakes for High Ground: Inner City Brisbane Site Sells for $6.05 Million | JLL

Flood-free Albion landholding sparks overwhelming buyer interest with 13 offers

A rare site in an inner Brisbane suburb has fetched $6.05 million following an extremely competitive Expressions of Interest campaign.

In a deal brokered by JLL Metro Sales & Investments, Sydney-based building and construction group CSR Limited divested a significant landholding in a tightly held precinct at 9-19 Bimbil Street, Albion.

A private investor secured the 2342sqm site on a cash unconditional basis, with a short 30-day settlement. The acquisition marked the investor’s maiden acquisition in Brisbane’s commercial real estate market.

The site comprises three freestanding warehouse/office buildings with a total building area of approximately 1328sqm, spread across five titles. In a rare occurrence for the suburb of Albion, the properties remained unaffected during Brisbane’s major flood events in 2011 and 2022.

The campaign, managed by JLL’s Sam Richards and Marshall Smith, attracted 150 enquiries and 30 inspections, culminating in 13 first-round offers.

Mr Richards said it was one of the most active and competitive sales processes in recent years.

“Properties of this scale, with quality existing buildings and a flood-free location, are rarely brought to market,” he said.

“Interest was driven by the site’s versatility, flood free city-fringe location, and future development potential.

“We received interest from a wide range of buyer profiles, with 13 first-round offers highlighting just how competitive the process was. Buyers recognised the scarcity of comparable opportunities in inner-Brisbane.”

Mr Richards said the site was purchased by a local investor who will undertake a substantial refurbishment of existing improvements, with the view that the refreshed buildings will be highly attractive to the captive local tenant market, while land banking for future redevelopment.

“There’s strong demand from occupiers looking for functional office and warehouse space in well-connected locations that sit outside the flood zone. Given the strategic position of this holding, it will continue to be a sought-after asset as Albion evolves,” he said.

Zoned IN1 Industry under the Albion Neighbourhood Plan, the site spans five individual allotments with ample onsite parking and offers significant potential for repositioning and redevelopment. The asset achieved a land rate of $2,583 per square metre and a building rate of $4,556 per square metre.

Positioned just 6km from the Brisbane CBD and 400 metres from Albion Train Station, the property stands to benefit from large-scale infrastructure projects including Cross River Rail, the new Albion Station, and the Albion Exchange development. It is also strategically located near proposed Olympic venues and Albion Raceway precinct.

Mr Smith said the sale represents a rare opportunity in one of Brisbane’s most accessible and fast-changing suburbs.

“Albion is undergoing a transformation, and this site is exceptionally well placed to capitalise on that momentum,” he said.

“We expect to see continued demand for properties of this nature as investors look for scale and flexibility in tightly held locations.”