This article is from the Australian Property Journal archive
QRIC has found a home for their new headquarters in a commercial building with two adjoining sites at Bowens Hills, in a landmark $12 million purchase.
The Queensland Racing Integrity Commission (QRIC) snapped up the 1,170sqm commercial building on a 1,766sqm site at 40 and 42 Campbell Street and 11 Tufton Street, around 3km out from the Brisbane GPO.
Hunter Higgins and Nick Wedge from Colliers Queensland negotiated the sale for QRIC, locating the premises for their new HQ including a research laboratory facility.
“Through long standing relationships with owners in the immediate fringe, we were able to locate the ideal building in the inner city fringe, matching our clients requirements with the vendors expectations and formulate a highly beneficial deal for both parties,” said Higgins, national director of investment services at Colliers Queensland.
QRIC needed to find a new premises to make way for the Albion Park Paceway Olympic redevelopment, new major indoor sports centre ahead of the 2032 Olympic and Paralympic Games.
“This rare site provided the perfect location in the inner fringe for QRIC to locate their headquarters for a state-of-the-art laboratory facility within the existing 40 Campbell Street office building with additional land at 42 Campbell Street and 11 Tufton Street for parking and future expansion,” added Higgins.
“Bowen Hills Urban renewal area has become a thriving commercial and residential center, with an office vacancy rate of 13.3 per cent, it is the second tightest market in the Brisbane fringe, just behind Toowong.”
The property sits within the Bowen Hills Priority Development Area (PDA) and adjacent to the proposed Millennium Square Precinct.
“The site has significant development upside and will only be further benefitted by being located adjacent to News Corp’s proposed $2 billion urban redevelopment project that will see it’s four- hectare base in Bowen Hills transformed into a multimedia hub, residential and lifestyle precinct with retail, parkland, restaurant and lifestyle spaces,” said Wedge, director of investment services at Colliers Queensland.
“It is additionally located near the planned $1 billion Herston Quarter health, wellbeing, commercial and residential centre adjacent to the state’s largest hospital, and the $2.9 billion redevelopment of the 22-hectare RNA Showgrounds in Bowen Hills.”
The Bowen Hills PDA scheme provides for the he long-term growth of around 23,000 new homes and one million square metres of commercial, retail and industrial floor space.
Brisbane 2032 Olympic Games is expected to generate economic and social benefits of $8.1 billion for Queensland and $17.6 billion nationally over the coming two decades.
