This article is from the Australian Property Journal archive
THE Queensland Country Bank has splashed $19 million on a commercial building in the Brisbane CBD for its Brisbane-based administrative teams and a new Branch.
Located at 247 Adelaide Street, the 3,044sqm building spans six levels with ground floor retail that will serve as the Brisbane CBD branch.
“The building acquisition was necessary to support the Bank’s strong growth across Queensland, particularly in the South East corner as it pursues its vision to be Queensland’s best regional bank,” said Aaron Newman, CEO at Queensland Country Bank.
Hunter Higgins and Nick Wedge from Colliers Queensland managed the off-market sale on behalf of a private investor, with the sale price representing a 2.55% passing yield and a 7.43% fully leased yield.
“The building is located within one of Brisbane’s most vibrant commercial precincts, the Golden Triangle, benefiting from access to Post Office Square, Queen Street Mall, Central Station and is serviced by retail, dining and public transport amenities,” said Higgins, national director at Colliers Queensland.
“Brisbane CBD has defied the trend of declining absorption rates in Sydney and Melbourne, demonstrating a strong demand for office space, driven by a resilient economy.”
Wedge highlighted the ongoing resilience of Brisbane’s office market, which remains the tightest outside of Hobart.
In contrast to much of the country, the Brisbane CBD has recorded a 6% decline in vacancy rates since 2022, hitting 9.5% in July 2024.
The Brisbane 2032 Olympics are also forecast to boost the city’s economic and social position by $8.1 billion over the next two decades.
“Brisbane’s economic growth, which is fuelled by growing population, infrastructure investments and business expansion, is what is driving this strong demand,” added Wedge.
“As the city attracts more businesses and industries, the expansion of office supply will be critical moving forward.”
