This article is from the Australian Property Journal archive
AROUND $20 million is expected for a Brisbane CBD site with DA approval for a 44-storey commercial tower.
Positioned within the city’s “North Quarter”, the 911sqm site at 33 Herschel Street is approved for 16,577 sqm of gross floor area and 2,049 sqm of additional facilities.
Its principal centre zoning provides flexibility for a range developments, including commercial, residential, student accommodation or hotel projects.
Tony Wang from Colliers and Deepen Khagram from Remax have the listing.
Currently, the site has a three-level building that was constructed around 1975, and underwent a comprehensive refurbishment in 2013.
Wang said the site would attract strong interest from developers and investors.
“The demand for office space continues to outweigh supply in Brisbane, and with the only ongoing developments in the Brisbane CBD including Waterfront Brisbane, 205 North Quay, and 360 Queen Street which are largely pre-committed, there is a huge opportunity to fill a gap in the market,” he said.
Brisbane’s office vacancy rate rose from 9.5% to 10.2%, according to the latest Property Council of Australia data, but that is expected to be short-lived and remains one of the lower readings of the capital cities, and close to its lowest level in more than a decade. Vacancy is expected to decline later this year as major tenants move into the CBD and new supply remains constrained.
Investor interest in the Brisbane CBD is projected to grow, following on from a recent increase in institutional transactions and an 88% rise in sales volume in 2024 to $961 million compared to the previous year, according to Colliers data.
“Located in a key location surrounded by major landmarks including Roma Street Train Station, The Star Casino and Queen Street Mall, we are expecting strong interest in this site,” Wang added.
Khagram the site is ideally positioned to leverage Brisbane’s infrastructure expansion and rising demand from the upcoming 2032 Olympics.
Expressions of interest close on Wednesday, 5th March.
