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Brisbane’s Sunny Queen Eggs site for sale

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Only 1.2km from Brisbane’s CBD and 10,500 Sqm, this site is up for sale.Brisbane Investor

One of Brisbane’s largest near-CBD sites – Red Hill’s former Sunny Queen Eggs site – is on the market marking the first time in nearly two decades since the site changed hands.

Developed in the 1960s for the Queensland Egg Board, the site on Musgrave Road was the central distribution facility in South East Queensland for all major shopping and grocery stores under the Sunny Queen Eggs banner.

Following relocation of the business, the property lay dormant until Halfbrick Studios – the developer of iPhone game Fruit Ninja which has been downloaded more than one billion times since its 2010 launch – sliced its way into Brisbane after signing a five-year lease last year for part of the space.

The open plan office underwent a $5.5 million refurbishment and retrofit after Sunny Queen Eggs vacated the building.

The video game developer, which made hundreds of millions of dollars after creating the game in which players chop up flying fruit, are understood to be paying $450,000 annually for the lease.

Today, this sizable land holding of approximately 10,500 sqm represents one the of the largest near CBD sites being only 1.2 km to the Brisbane CBD – and the last remaining developable landholding of this scale within the inner North Western corridor.

JLL’s Elliott O’Shea said the site had considerable redevelopment potential.

“The site has been earmarked by Brisbane City Council (BCC) as one of the major “transformative” parcels of land capable of mixed use development under the draft City West Renewal Strategy,” he said. “It is the intention of BCC to allow for a multitude of outcomes specifically focused on the activation of Musgrave Road and Kelvin Grove Road streetscapes through the integration of low impact amenity.”

He said other sites earmarked under the City West Neighbourhood Plan include the Victoria Barracks and the Caxton Street precincts.

“Given the genuine rarity of the offering, the property will be competitively sought after by local, interstate and offshore investor and development groups eager to benefit from the exciting development potential and current holding income, given its 100% occupancy by tenants including Half Brick Studios, the developer of gaming app Fruit Ninja,” he said.

The sale comes off the back of the recent announcement by international design group AEG Ogden who have proposed to The Queensland State Government the conceptual design of the “Brisbane Live” entertainment precinct to be developed on the Roma Street parklands which would be predominantly privately funded. The Sunny Queen Eggs site lies almost adjacent to this proposed land area, and thus lends to significant possibilities.

JLL’s National Director Christian Sandstrom said, “this latest announcement by AEG Ogden, if successful, will further catapult Brisbane into the International spotlight given that this project and the Queens Wharf Casino project will be the two largest urban renewal projects since Expo 88.”

The campaign being undertaken by JLL’s Christian Sandstrom, Sam Byrne & Elliott O’Shea will commence in the next two weeks.

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Commercial

Dexus Snaps Up Brisbane Audi Centre for $91.2m

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Dexus Snaps Up Brisbane Audi Centre for $91.2m
Property giant Dexus has purchased the Audi Centre and the Euro Marque complex in Fortitude Valley in Brisbane’s inner north.

Dexus has paid $91.2 million for the property located at 570-586 Wickham Street, realising an initial 6 per cent yield.

The property comprises two adjoining, purpose-built automotive dealerships known as Lighthouse, constructed in 2011, and the Euro Marque building, built in 2006.

The 7,123sq m site has been home to high-end brands such as Audi, Lamborghini, Maserati and Bentley.

Currently, the property features 13,288sq m of office and showroom space across two levels and a hardstand and external area of 2,556 square metres.

CBRE’s Mike Walsh, Peter Court and Tom O’Driscoll, in conjunction with Glen Wright and Nick Spiro of Cushman & Wakefield, were appointed to market the 570-586 Wickham Street property.

Walsh described the deal as a “landmark transaction” for Brisbane’s fringe market.

Nine offers were reported from local and offshore property companies eager to maximise the site’s underlying value.

The site has attracted strong interest due to its future development potential of up to 20-storeys.

An important part of the deal was the lease recommitment last year by the ASX-listed Autosports Group to the end of 2026 plus two five-year options.

Dexus, Australia’s largest landlord, will now collect a net passing income of $5.472 million a year.

Source: theurbandeveloper.com

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Commercial

Clarence Property Buys Brisbane Shopping Centre for $31.25m

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Clarence Property Buys Brisbane Shopping Centre for $31.25m
Property funds manager Clarence Property’s unlisted Westlawn Property Trust has acquired The Zone Shopping Centre at Underwood for $31.25 million.

The 2.85-hectare retail complex is home to national retailers including OfficeWorks, Rebel Sport and Good Price Pharmacy.

Located on the corner of Compton and Kingston roads, the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast.

This is the sixth acquisition for WPT, with other commercial and retail assets purchased in Hamilton, Spring Hill and Northgate totalling $34.74 million since October 2017.

Clarence Property managing director Peter Fahey marked Underwood as a good fit for WPT, which has more than $250 million in assets between Yamba and the Sunshine Coast.

“Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions,” he said.

Clarence Property’s flagship unlisted Westlawn Property Trust is also offloading a retail centre in Robina with a price tag of $30 million.

Located on a 20,407sq m in Robina, the centre is currently 94 per cent occupied and delivered an 18.6 per cent return to investors in 2017.

Source: theurbandeveloper.com

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Commercial

Clarence Property Buys Brisbane Shopping Centre for $31.25m

Published

on

Clarence Property Buys Brisbane Shopping Centre for $31.25m
Property funds manager Clarence Property’s unlisted Westlawn Property Trust has acquired The Zone Shopping Centre at Underwood for $31.25 million.

The 2.85-hectare retail complex is home to national retailers including OfficeWorks, Rebel Sport and Good Price Pharmacy.

Located on the corner of Compton and Kingston roads, the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast.

This is the sixth acquisition for WPT, with other commercial and retail assets purchased in Hamilton, Spring Hill and Northgate totalling $34.74 million since October 2017.

Clarence Property managing director Peter Fahey marked Underwood as a good fit for WPT, which has more than $250 million in assets between Yamba and the Sunshine Coast.

“Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions,” he said.

Clarence Property’s flagship unlisted Westlawn Property Trust is also offloading a retail centre in Robina with a price tag of $30 million.

Located on a 20,407sq m in Robina, the centre is currently 94 per cent occupied and delivered an 18.6 per cent return to investors in 2017.

Source: theurbandeveloper.com

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