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Developers, Investors Eye Brisbane Office-Retail Building

A fully leased 1333sq m office and retail building on the edge of Brisbane’s CBD at 215 Wharf Street, 500m from Brisbane’s golden triangle, has gone to market with a price tag of $8.5 million.

The three-level building, once home to the St Pauls Tavern, produces an annual net income of $444,959 plus GST, with a three-year WALE as of June 2021.

Brisbane foodies will be familiar with one of the tenancies—renowned French chef Thierry Galichet ’s restaurant, La Cache a’ Vin. Other tenancies include a range of office-based firms as well as an Asian supermarket.

The campaign is being run by Ray White Special Projects’ Andrew Burke and Morrison Project Consulting’s Richard Morrison.

Burke said that the sale would provide a rare opportunity for investors and developers alike.

retail building

“The elevated 1221sq m site provides brilliant views over the Brisbane CBD and surrounding suburbs, and has future development potential with a 25-storeys zoning,” he said.

“It is within walking distance of the entire CBD, and Central station.”

Morrison said that the immediate surrounding area was already undergoing significant redevelopment with its proximity to the CBD it’s a natural extension of the CBD.

“Wharf Street has been validated by the relocation of the Australian Tax Office for their headquarters and we expect the location to continue to be a major drawcard into the future,” he said.

The campaign has already attracted inspections from a range of developers and investors, Morrison said.


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Brisbane Olympics to Push Property Market’s Limits


Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.

Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.

PRD chief economist Diaswati Mardiasmo said it was clear that hosting major events had served the property market well.

“The year after the 2000 Sydney Olympics, Newington (site of the athletes’ villages) and surrounding suburbs’ median house prices grew by 13.4 per cent,” Mardiasmo said.

“Median house price growth was not limited to the year after the Olympics. It grew by 38.5 per cent two years after, and 66.4 per cent three years after.

“The year after World Expo 88, South Bank and its surrounding suburbs grew by an average of 19.1 per cent and by 10.3 per cent after G20 Summit 2014.”

Brisbane property price predictions: Olympics 2032

Suburb 2011 2021 Projected Growth G20 Average
Hamilton house $824,000 $1,650,000 $3,990,670
Tennyson house $515,000 $970,000 $2,052,520
Chandler house $1,040,000 $1,600,000 $3,385,600
Woolloongabba house $623,000 $951,000 $2,012,316
South Brisbane house $805,000 $1,210,000 $2,560,360
Redland Bay house $450,000 $638,000 $1,350,008
Ipswich house $325,000 $435,000 $1,052,086
Herston house $697,000 $908,000 $1,921,328
Spring Hill house $950,000 $1,150,000 $2,433,400
Coomera house $353,000 $550,000 $1,163,800
Broadbeach units $463,000 $625,000 $1,322,500
Alexandra Headland house $570,000 $1,110,000 $3,348,760
Twin Waters house $651,000 $1,077,000 $2,278,932

^Source: PRD Research, AMP Pricefinder

“Bearing in mind the 2032 Olympics are still 11 years away, and based on how the Brisbane market is travelling, the potential to eclipse this price point is high,” Mardiasmo said.

“Regardless of the calculation method, the conclusion points us to Brisbane becoming a $1-million median house price city sooner rather than later. ”

Domain’s latest house price report showed median house price in Brisbane was $678,236, up 13 per cent annually.

Meanwhile, prices on the Gold Coast and Sunshine Coast hit $792,000, up 18.2 per cent on last year, and $825,000 up 23.1 per cent, respectively.

Domain chief of research Nicola Powell said at the moment, low listing numbers and interstate migration were driving the price hike.

“It suggests that upgrading homeowners are fuelling house prices, as well as interstate and expat buyers moving from more expensive cities,” Powell said.

Melbourne and Canberra officially joined Sydney in the $1-million home club in the July results.


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How the Brisbane suburb became one of the capital’s hottest apartment markets


Bide is just a short distance away from Route 25 as well as the Teneriffe Ferry wharf and bus stations for those who choose public transit. As such it is right by the Brisbane river

Newstead has developed over the years to become one of Brisbane’s hottest apartment markets.

The now up-market residential suburb began life as a hotspot for timber yards, asbestos works, wharves and woolstores, dominating much of the predominantly commercial suburb.

Its proximity to the river saw it as a prime development spot.

The suburb takes its name from Newstead House, built and named in 1846 by pioneer grazier Patrick Leslie, which in turn takes its name from Newstead Abbey in Nottinghamshire in England. It remains the only heritage-listed building in Newstead.

The suburb was served by first horse drawn trams from 1885. By 1897, electric trams ran along Commercial Road.

The suburb’s most sought-after addresses are as close to the water as possible. Newstead Terrace and Skyring Terrace, which runs down toward Teneriffe, home some of the most expensive apartments and houses in the area.

Just off Skyring Terrace is Longland Street, which is set for a new residential development. Pitched at the owner-occupier is Bide, the 89 apartment tower by Dibcorp.


Bide 21 Longland Street, Newstead QLD 4006 

Designed in collaboration with architects from Twohill & James, Lat27 and Wiltshire Stevens Architecture, Bide offers just 89 three-bedroom apartments, designed as an urban getaway just three kilometres north-east of the Brisbane CBD.

The dynamic suburb offers residents every desired amenity, with lifestyle, commercial and entertainment hubs within walking distance.

On the doorstep of Bide is Gasworks Plaza, home to a Woolworths as well as a number of specialty stores. It is home to a number of restaurants, cafes and coffee shops like Ping Pong, Yolk and Campos Coffee.

Other Longland Street dining establishments include Smoky Moo, The Defiant Duck, Drum Dining and the Milky Lane Newstead.

Cutting across Longland are a number of side streets like Stratton and Wyandra, home to a number of retailers and boutiques for residents to explore like a Think 24hr fitness, Smile Studio, and Brisbane Skin.

Newstead borders Fortitude Valley, with The Calile Hotel just a 800 metres away from Bide. There’s the busy James Street with their markets, as well as the Judith Wrights Art Centre and Holey Moley Golf Club.

Bide is just a short distance away from Route 25 as well as the Teneriffe Ferry wharf and bus stations for those who choose public transit. As such it is right by the Brisbane river.

The proximity to schooling, as well the large three-bedroom apartments on offer, make Bide attractive for families. The nearby educational institutions include:

– Torrens University Australia – Satellite campus – 1.4km away

– University of Queensland – Satellite campus – 1.9km away

– Queensland University of Technology – Main campus – 3.3km away

– New Farm State School – Public School – 1 km away

– Music Industry College – Private School – 1.1km away

– Angelorum College – Private School – 1.1km away

Dibcorp has offered residents the opportunity to work hand in hand to tailor the layout, configuration and finishes of their apartment.

Apartments inside feature open-plan living and dining, a balcony space and a study nook in some apartments for working from home.

Inside, residents can enjoy 600 sqm of amenity across two levels, including barbeque facilities, private cabanas, landscaped areas and seated space throughout.


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Mirvac Picks Up Rejected Brunswick Site


Mirvac has snapped up the site of a rejected mixed-use development from JWLand with plans to expand its residential pipeline in inner Melbourne.

The 6496sq m site overlooking Princes Park includes an old hotel and several dilapidated buildings at 699 Park Street, Brunswick with frontages on Sydney and Brunswick roads.

The ASX-listed property group has yet to disclose the purchase price, and would not confirm reports they had paid about $40 million for the site.

JWLand acquired the site for $30 million and planned to commence construction on the site in late 2017.

But those plans were rejected by the Victorian Civil and Administrative Tribunal, including the demolition of a heritage building to construct 255 apartments, retail space and a child care centre.


▲ The plans for JWLand were rejected by VCAT included multiple buildings along Park Road, Brunswick. 

Mirvac already has plans to build around 200 apartments on the site.

Mirvac head of residential Stuart Penklis said the development would enhance and celebrate the location, as well as being sensitive to the surrounding properties and amenity.

“The current plans see the building at various heights stepping back from Park Street to minimise any impact on Princes Park and maximising the spectacular vistas for residents, but we are still in the process of finalising the scheme,” Penklis said.

“Mirvac is in the early visioning stage for Park Street, with the current scheme looking to yield approximately 200 apartment residences in a range of configurations to appeal to a broad selection of purchasers.

“We have recently seen a trend towards oversized apartments and amalgamations which could see this number change.”

Mirvac plans to launch Park Street in mid-2022, with construction anticipated to commence in late 2022.

Park Street joins Mirvac’s $1.4-billion Victorian apartment portfolio that includes Phoenix, Folia, and Forme in Doncaster; The Eastbourne in East Melbourne; and Yarra’s Edge in Melbourne citywhere planning for tower nine is under way.


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