This article is from the Australian Property Journal archive
THE Australian Red Cross has listed its offices at Humanity Place on the Brisbane city fringe for sale, hoping to release capital it can put back into its services as part of a national property masterplan.
Colliers agents Hunter Higgins, Nick Wedge and Guy Wells in conjunction with Christian Sandstrom and Blake Goddard of Knight Frank have been appointed to market the 2,638 sqm building at 49-57 Park Rd in Milton.
Partner Developments’ Matthew Berg will be transaction manager.
The Red Cross has owned and occupied the three-level building since it bought the property in 2004 from Fort Lane Properties for $6.8 million.
On 1,902 sqm of land, the property is tipped to attract interest from developers, owner occupiers and value add investors.
Red Cross chief executive officer, Judy Slatyer said the organisation would reinvest the funds to move to premises in Brisbane’s CBD or CBD fringe “that are both more affordable to own or lease, and better suited to the needs of the people we work with”.
“As community needs change, the need to operate from a particular premises changes. The sale is part of a national property masterplan that releases value from several key properties and allows us to work in locations that best serve the people who use them, from clients and volunteers to staff and partners.”
Higgins said the building offered holding income from Red Cross on flexible lease back terms, prime corporate exposure with potential signage income, a 1:46 sqm car parking ratio with 57 basement car parking bays, as well as the mixed-use zoning that allowed development of up to eight storeys.
Colliers research shows tenant demand in the Milton office precinct over the first half of 2019 resulted in record net absorption of 19,848 sqm, driving the vacancy rate down from a historical high of 27.9% in September 2018 to 17.5%.
“The influx and relocation of tenants in the Milton precinct reflects the value proposition on offer and the lack of A grade contiguous space with large floor plates,” Sandstrom said.
“Milton is going through a major regentrification and urban renewal including the new Railway Tce retail precinct.”
Fully-leased and refurbished assets in the area that have recently sold include 16 Marie St, for $25.5 million and 8 Gardner Cl for $25.23 million.
Sandstrom said Milton was one of only a few city fringe suburbs with access to all forms of public transport, direct access to bicentennial bikeway and easy connectivity to north and south of the Brisbane River.
