This article is from the Australian Property Journal archive
ALCEON Queensland and OPD have made a move on their second joint venture acquisition, snapping up the former Golden Casket building at Woolloongabba, which could accommodate a development of more than 30,000 sqm.
The site, purchased from Tabcorp, is a three-storey 5,562sqm mixed-use office building at 87 Ipswich Road, in the fringe city suburb just two kilometres from the Brisbane CBD.
Jason Lynch and Brendan Hogan of Colliers International negotiated the sale of the Woolloongabba site.
The acquisition, purchased vacant possession, is Alceon and OPD’s second joint venture, after the success of the partners refurbished buildings in Brisbane’s Garden City Office, which took in record yields and rates per square metre for suburban office assets.
“We’ve both operated very successfully in that urban office park development/investment space over many years, developing a considerable depth of strategic knowledge, expertise and resources,” said Todd Pepper, executive director at Alceon Queensland.
The site contains 4,600sqm of net lettable area, with large floor plates up to 1617sqm and a 500sqm roof terrace, as well as 133 parking spaces, which the partners intend to refurbish, repositioning the asset for a variety of tenants, such as office, medical, laboratory and specialist occupiers.
Additionally the property sits within close proximity to three major hospitals and is surrounded by amenities such as the Logan Road dining precinct and the Gabba sports stadium.
“Our strategy for 87 Ipswich Road is to continue our joint venture’s commitment to provide outstanding value to our clients. Providing them A-grade office accommodation together with whatever the number of car parks they require and, of course, at a cost that they can afford,” said Bill Henderson, managing director at OPD.
87 Ipswich Road also benefits from council zoning that allows for future expansion and development, with a maximum height of up to six storeys and a gross floor area of more than 30,000sqm.
Woolloongabba is currently undergoing transformation, with infrastructure projects such as the Cross River Rail and the Brisbane Metro, allowing for further connectivity and growth.
