Local businesses snap up office space, with over $8.4M in sales in one building for record sqm price

Huge demand for office space sees 100% sell down on behalf of the fund manager, 1,764sqm sold across 6 lots in prime Spring Hill building with a view

Huge demand for office space in Brisbane has seen $8,427,500 in strata sales in one building in 12 months, with local medical, engineering and finance companies snapping up space in the prime Spring Hill building with sweeping views.

In a deal transacted by Colliers agents Nick Wedge, Shaun Seeto and Tony Wang, the 6 tenancies in 67 St Pauls Terrace, located in the heart of Spring Hill, were transacted to 5 owner occupiers and 1 investor on behalf of Triumph Investment Group.

Colliers Queensland Investment Services Director Nick Wedge said with prime city, river and mountain views the average sale price for the lots was $4,777/sqm which was approximately

$1,000/sqm higher than the average square metre rate for vacant strata offices in Spring Hill.

“These record square metre rates were achieved due to the quality of fit out compared to any strata in Spring Hill, the unmatched car park ratio of 1:60sqm and bespoke end of trip facilities,” Nick Wedge added.

“Brisbane vacancy rates are at their lowest in 11 years, driven by some of the highest net absorption rates in the country.

“With demand for office space in Brisbane at an all time high, there was a lot of interest in this building, which has now been 100 per cent sold down on behalf of the fund manager,” Nick Wedge added.

Colliers Queensland Investment Services Senior Executive Shaun Seeto said the building was a

7-storey, strata titled, commercial tower located at the top of St Pauls Terrace, offering impeccable building amenities.

“Prime buildings now dominate the market since 2016 driven by flight to quality, which we saw in the marketing of this property and the interest from the owner/occupier market looking to benefit from the amenities of this building,” Shaun Seeto said.

“The purchasers were attracted to this prime position in the heart of Spring Hill surrounded by retail amenity and public transport infrastructure, this area is the choice location for many professional industries including medical, lawyers, architects, engineers, creative industries, and service-based businesses.

Colliers Queensland Asia Markets Director Tony Wang said the asset was located in one of Brisbane’s best inner fringe suburbs, with direct access to the CBD and includes major residential towers, hotels, medical and retail precincts. Spring Hill’s biggest advantage is its proximity to the CBD while also being easily accessible to Brisbane’s North, West, and South.

“This asset offered astute owner-occupiers the opportunity to acquire high-quality commercial offices in the heart of Spring Hill’s vibrant precinct.

“For some time, industry experts have been forecasting that Brisbane would be the best-performing capital city market,” Tony Wang added.

Over the next eight years, the Brisbane 2032 Olympic and Paralympic Games are forecast to generate economic and social benefits of $8.1 billion for Queensland and $17.6 billion for Australia.