Landmark Brisbane office Engineering House hits market amid soaring CBD demand

Engineering House at 447 Upper Edward Street, Spring Hill.

One of Brisbane’s most recognisable office buildings has been listed for sale just as Olympic fever drives unprecedented demand for CBD space.

The well-known four-level ‘Engineering House’ in Spring Hill has hit the market via an expressions of interest campaign.

Inside Engineering House.

The listing comes as the Brisbane CBD records the highest net absorption of any Australian CBD over the past 12 months, totalling 37,480 square metres, underlining renewed confidence in the city’s office market.

Colliers agents Hunter Higgins and Luke Hawkins are marketing the property at 447 Upper Edward St that offers owner occupiers and investors a rare opportunity to secure a turnkey office asset just minutes from the CBD.

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Colliers Queensland Investment Services national director Hunter Higgins said Engineering House stood out due to its strategic location, quality refurbishment and strong underlying market fundamentals.

“Brisbane has recorded the strongest CBD net absorption of any capital city over the past year, which is the best result since January 2022 and clearly demonstrates sustained demand for office space,” Mr Higgins said.

Another level.

“We are already seeing strong inquiry from local and interstate owner occupiers and value-add investors seeking high-quality, existing office stock in Brisbane.

“With the Olympics approaching, professional services firms are increasingly looking to establish or expand their presence in Brisbane, while rising construction costs and limited new supply are driving demand toward well-located, refurbished buildings such as Engineering House.”

Originally serving as the headquarters for Engineers Australia, Engineering House includes 1,357sq m of gross floor area across a flexible ground floor and three upper office levels, with by six onsite car parks.

Each upper floor has been designed with its own character, allowing for single or multi-tenant occupation.

Each level has been designed with its own character.

Colliers Queensland Investment Services manager Luke Hawkins said the property offered an

immediate turnkey office accommodation solution with long-term investment upside.

“The extensive high quality refurbishment has been completed with no expense spared, and the building also provides immediate depreciation benefits, which are increasingly attractive in the current market,” Luke Hawkins said.

“The property is being offered with vacant possession or flexible short-term leasing options and has the potential to generate in excess of $700,000 per annum in net income.”

The property is accessed via Upper Edward Street and Portman Lane.

The building has a 4.5 Star NABERS (Energy) rating, premium end-of-trip facilities, upgraded

building services and prominent street exposure.

Expressions of interest closing March 12.