Strong Demand for Office Space in Brisbane’s Most Prominent Commercial Hub Sees $4.6 Million Sale

4 February 2025
42 Thompson Street Bowen Hills office property

Bowen Hills freehold site transacts to local owner occupier in a sign of strong demand for inner fringe office space

In a sign of the strong demand for inner fringe office space, Colliers has transacted a vacant commercial office building at Bowen Hills for $4,650,000 to a local owner occupier to house the headquarters for their hospitality business.

In a deal struck by Colliers Queensland Investment Services National Director Hunter Higgins, the 712sqm site at 42 Thompson Street Bowen Hills was sold on behalf of a local owner occupier.

Colliers Queensland Investment Services National Director Hunter Higgins said ongoing development, urban renewal projects and potential for long-term capital growth at Bowen Hills had contributed to strong demand for commercial property in the area.

“Due to an increase in tenant demand, the Brisbane Fringe office market has seen high take-up with vacancy rates falling to 15.2 per cent, due to the robust take-up as flight to quality continues and new supply continues to remain limited,” Hunter Higgins said.

“This 625sqm A-Grade office building, strategically located in the highly sought-after Bowen Hills business precinct, provided the perfect location in the inner fringe for the purchaser to locate their headquarters.

“And further to this, as the building is already fully fitted out and furnished, the purchaser saw the benefits of avoiding rising construction prices and the lack of availability for tradespersons with the ability to occupy the space straight away,” Hunter Higgins added.

Hunter Higgins said Bowen Hills formed part of the burgeoning Urban Renewal Precinct which was regarded as Brisbane’s most prominent and in demand commercial hub.

“The property received over 70 enquiries and multiple interested parties at the expressions of interest close, showing demand for commercial space in Bowen Hills is very strong.

“The purchaser plans to move into the site making it the headquarters for their hospitality business which will take advantage of the location being just minutes away from major transport hubs and arterial roads and only 2.5 kilometres away from the CBD.

“Additionally, Thompson Street is a major thoroughfare with both vehicle and pedestrian exposure offering the purchaser the ability to achieve significant signage and building branding outcomes.

“With floor to ceiling glazing allowing for an abundance of natural light throughout the high end open plan office that includes a boardroom, reception, kitchen, lift and disability access as well as onsite parking for up to 19 cars, this was a great buy in a popular precinct,” Hunter Higgins added.