This article is from the Australian Property Journal archive
THE former Michael Hill headquarters at 7 Smallwood Place in Brisbane’s Murarrie has sold to Alceon for $13.65 million in an off-market deal.
The vacant commercial property, sitting around eight kilometres east of the Brisbane CBD, boasts 3,277sqm of net lettable area on a 5,812sqm site and is set to be repositioned and released by the new owner.
Matt Barker and Blake Goddard from Knight Frank negotiated the deal, with vendor OzProp looking to recycle the capital out of the asset as Michael Hill relocates to a new purpose-built premises at Cannon Hill.
“There is a lack of vacant buildings in the fringe market of this size, particularly with such a high car parking ratio,” said Barker, director of investment sales, capital markets at Knight Frank, QLD.
Featuring 106 car parks and floorplates of 1,108sqm and 2,169sqm, Alceon will reposition and refurbish the asset before undertaking a re-leasing campaign.
“The refurbished space is expected to become available for lease immediately and will be suitable for occupiers from early 2023 looking for a commercial headquarters, project space, technology and laboratory space, research and development or a government office,” added Barker.
The property is centrally located in the Metroplex on Gateway estate in Murarrie, with a range of amenities and public transport and easy access to the Gateway Motorway, the Airport and the CBD.
“7 Smallwood place creates a great opportunity for tenants to occupy a newly refurbished and modernised facility and should be highly contested with ongoing tenant demand within these precincts,” said Goddard, head of investment sales, capital markets at Knight Frank, QLD.
Alceon’s executive director, Justin Reidy, said the group has been scoping out quality assets in the area for some time, with 7 Smallwood place appealing for multiple reasons.
“It is unique, well positioned with excellent access, structurally sound and can accommodate a multitude of uses including commercial, light industry, medical, R&D and tech space,” said Reidy.
“There are limited vacancies in the Metroplex Park and enquiry has been very strong pre and post the acquisition.”
Alceon is set commence its refurbishment works in October, including a full make good and new amenities.
