Brisbane Commercial Property News

Office property heavyweight Dexus will press ahead with a $2 billion-plus twin tower proposal on Brisbane’s Eagle Street Pier site, with the new precinct signalling its confidence in the Queensland capital.

Brisbane’s rise to become one of the country’s most active office markets has been confirmed with local group Prime Super and advisor Whitehelm Capital swooping on an Adelaide Street tower for more than $150 million.

Commercial property transactions are on track to top last year’s record annual total of $37.8 billion, as volumes are driven higher by ever-larger portfolio deals and a slew of big-ticket individual transactions.

The dual-listed Investec Australia Property Fund has capitalised on the heat in Brisbane’s office tower market, offloading an Ann Street tower for $94m to a new entrant into Australia.

Brisbane property developers are not shying away from challenging restoration projects, transforming once run down and decrepit historic homes, ice cream factories, dairy farms and even a mortuary.

A fund managed by listed property fund manager Primewest has sold the iconic “Chambers” building and an adjoining eight-storey office building “The Tower” in Brisbane’s CBD for $47.4 million.

Property fund ISPT is further pushing into the flexible workspace area with a new location in Brisbane set to expand the company’s presence across the eastern seaboard as it looks to sweeten the value proposition for potential tenants.

German funds manager Deka Immobilien is targeting the purchase of Brisbane’s 66 Eagle St complex for about $370 million, with the play again highlighting the city’s appeal to global investors.

Robots will handle more of the nation’s mail with a new Australia Post facility in Brisbane’s Redbank opening a $240m million automated distribution centre.