Iconic building in the heart of New Farm expected to attract strong interest

18 April 2023

Located in the heart of New Farm on an iconic corner site, the listing of 170 Merthyr Road New Farm is expected to attract strong interest from local and interstate buyers.

Colliers Queensland agents Harry Dever, Hunter Higgins and Nick Wedge have listed the highly exposed 397m2 corner allotment fronting Hawthorne Street and Merthyr Road.

Colliers Queensland Associate Director Retail Investment Services Harry Dever said the 100 per cent freehold mixed use medical asset, was fully rebuilt in 2011.

“Trophy assets like this in the New Farm area are very rarely presented for sale,” Harry Dever said.

“Located on the corner of Merthyr Road and Hawthorne Street the entire ground floor is tenanted by Ascension Cosmetic Medicine on a prized net lease structure boasting a secure tenure of 13 years remaining (expiring in 2036).

“The site is further supported by a luxury full floor penthouse apartment located in one Brisbane’s most affluent suburbs.

“There is also opportunity for future development upside to increase the residential GFA or convert into a commercial or further medical, subject to council approval,” Harry Dever added.

National Director Investment Services Hunter Higgins said the site featured a state-of-the-art medical fitout which occupied the entire ground floor, which was completed at the beginning of 2021.

“The fitout features a large bespoke timber framed glass entry, renovated display with signage, floor to ceiling timber framed glass display windows and high ceilings,” Hunter Higgins said.

“The residential component of the asset, which can be accessed privately via Hawthorne Street, incorporates a skyhome style 2 bedroom apartment boasting 2 ensuite bedrooms and separate office with sophisticated contemporary architecture, suburb luxury, clever filled voids and spaces.

“The building also incorporates 3 secure shaded car bays, an underground rainwater tank, grease trap and licensed seating area that can be utilised for future potential food and beverage occupiers,” Hunter Higgins added.

Director Investment Services Nick Wedge said 170 Merthyr Road was located in one of Brisbane’s most affluent suburbs with a median house price of $2,940,000 up 33.48 per cent in the last 12 months.

“Located in the highly sought after heart of New Farm, the building is located just 3km from the Brisbane CBD,” Nick Wedge added.

“The site is well serviced with public transport with Merthyr Road Bus Station located directly opposite and New Farm Park Terry Terminal about 1.3km from the site,” Nick Wedge said.

This iconic building at 170 Merthyr Road New Farm is for sale via onsite public auction on the 25th of May 2023 at 11am (AEST).