This article is from the Australian Property Journal archive
SILVERFIN Capital has sold off an 8,040 sqm office and distribution centre that was used for Brisbane’s Expo 88, for $12.4 million.
Expo 88 was the first instance where Expo – also known as World’s Fair – buildings were of modular design for relocation after completion of Expo. It is now occupied by a national tenant.
Colliers Queensland agents Simon Beirne and Levi Maxwell sold 316 Brisbane Terrace in Goodna to QDD Australia Pty Ltd.
Beirne said there was huge interest in the site as it was strategically located in the high-growth industrial area of Redbank Peninsula, with tenants already committed to the precinct including DB Schenker, Australia Post, FedEx and Coles in the Goodman Redbank Motorway Estate.
Maxwell said the facility was in demand due to it offering functional warehousing, modern offices and good underlying building infrastructure on a 23,200 sqm site.
“These kinds of properties are in high demand, as a secondary-grade facility, due to the discount when compared to prime-grade properties which have commanded absolute premium prices over the last three years.
“The buyer has multiple options available to them as the property is currently producing very good income however they may look to occupy or redevelop a portion of it in the future.”
The property is adjacent to the Redbank Motorway Estate and offers easy and direct B-double access to the Ipswich Motorway.
“Recent upgrades to the Ipswich Motorway and, in particular, the Centenary Ipswich interchange, have made this area even more desirable due to the direct access to all major arterial roads networks,” Maxwell said.
Maxwell said the site had received significant investment from both the landlord and lessee with excellent underlying infrastructure that will benefit future users.