This article is from the Australian Property Journal archive
A GROUND floor day hospital in Queensland’s Olympic “Precinct of Gold” has sold to a private Asian investor for $12.5 million, reflecting an increase of capital coming into Brisbane in the run up to the 2032 games.
The ground floor of “The Wellington” spans 1,379sqm at 45A Wellington Road in East Brisbane is anchored by Renaissant East Brisbane Day Hospital, with the balance of the building occupied by The Wellington Apartment Hotel Brisbane.
Chris O’Driscoll and Nick Wedge from Colliers managed the sale of the property via an expressions of interest campaign.
“A corner site located within a 2 kilometre radius of the CBD and close to the soon to be opened Cross River Rail this site offered a terrific opportunity for investors,” said Wedge, director of investment services at Colliers, Queensland.
“For sometime, industry experts have been forecasting that Brisbane would be the best-performing capital city market over the coming three years.”
Wedge noted the sale indicated Asian capital is flowing into the city ahead of the Brisbane 2032 Olympic and Paralympic Games, which are set to fast track the creation of next generation of CBD and inner-city real estate precincts.
“As of January 2022, Brisbane was outperforming all other Australian capitals, with a total annual return for 2021 of 33.7 per cent, ahead of Sydney’s 20.2 per cent and Melbourne’s 12.7 per cent,” added Wedge.
“Brisbane is experiencing one of the greatest infrastructure booms in history with over $50 billion in progress.”
“Over the next twenty 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 according to the Queensland Premier Annastacia Palaszczuk,” Nick Wedge said.
Anchored and operated by Renaissant East Brisbane Day Hospital, the site is also complemented by a mix of health and retail tenants.
“With strong rental income from a premium medical facility certified as a Level 2 Day Hospital and located in inner city Brisbane, this was a great opportunity,” said Driscoll, national director of transaction services, healthcare and retirement living at Colliers Queensland.
“This investment offering, within one of Brisbane’s prominent suburbs, will give the buyer long term security and potential rental growth.”
Tony Wang, director of Asian Markets at Colliers Queensland, agreed that the unprecedented infrastructure development in the city when combined with the upcoming games is drawing in Asian capital.
“This site offers a great opportunity on the corner of Wellington Road and Overend Street right near the Wooloongabba precinct that has been recognised as Brisbane’s next major central hub for the 2032 Olympics,” said Wang.
“Woolloongabba is experiencing major growth and in 2032 it will be the same as Homebush was 20 years ago, we can expect to see more Asian capital moving here as properties come to the market.”
