Queensland property market wrap: 15 May 2023

The latest in Queensland listings, transactions, and leasing include a veritable mix of assets. Ranging from dining to digging things up, the activity includes restaurant leases, quarries listed for sale, educational facilities, cafes, and industrial.

Also in the mix is a Cairns hostel that has rebranded since the sale, the property also including nine retail tenancies.

Tassis Group selected as preferred operator for new Brisbane dining establishment

Kangaroo Point Green Bridge restaurant and cafe could be the new home for Tassis Group offerings Bombora, a seafood and steak restaurant, and cafe, Mulga Bills.

Tassis Group was announced as the preferred operator for the new Brisbane destination after fierce competition. Colliers Retail Leasing Senior Executive Ishbel Jones said there was significant interest in the sites with many of Australia’s best known food and beverage operators putting forward great offerings.

“Absolute waterfront retail space is rare and highly sought after within the Brisbane CBD market,” Jones said.

“We expected this space to generate a high level of excitement and interest from potential restaurateurs looking to make a statement in Brisbane’s dining scene. Over 35 operators initially put their hats in the ring, which was then shortlisted for further evaluation.

“The Tassis Group ultimately had the best offering for the spaces.”

The leasing process took about 12 months to complete. The recommendation to appoint the Tassis Group as the successful operator for the two dining venues will go to Council for approval on 2 May 2023.

Construction has already commenced on the Kangaroo Point Green Bridge with expected completion of the project, and opening of the restaurant and café, in 2024.

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Artist’s rendering of the new Tassis Group leased dining establishment.

SITS Education acquires three Fortitude Valley lots in the K Tower

The Melbourne-based Asia-Pacific education operator has acquired 350 square metres across three lots for $1.6 million.

The sale of lots 29, 77, 78, at level 6 on 269 Wickham Street in Fortitude Valley has brought the total sales value for the building to north of $13 million, said Colliers’ Tony Wang.

“This is the fourth transaction Colliers has completed in this building in the past 6 months with a total value of over $13 million and 2,979sqm,” said Wang.

“This presents approximately 30% of the building in six months to the education sector showing the huge demand in this space.

“We are still seeing high demand from onshore and offshore education operators looking for properties with 9B Classification, but the market has a limited number of buildings that can grant this classification for education purposes, which has driven up the price,” added Wang.

Colliers Queensland researcher Pragya Sharma said international student visa applications approved in Australia had increased by 189% in December 2022 to 77,311, up from 26,767 approvals in the same pre-pandemic period in 2019.

“This significant increase in international student numbers has driven demand for training space by educational institutions that specialise in vocational education and training,” Sharma said.

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The latest sales at 269 Wickham Street has brought total sales value to over $13M.

Brisbane quarry hits the market

A sands and soil quarry at 742 Mundoolun Connection Road in Tamborine has hit the market, offering an expansive land holding of 670.201 hectares, of which 386.501 hectares is used by the quarry operation. The property is also home to a significant sandstone deposit.

It has current approval to be operational until 2032 with an estimated over 3.5 million tonnes of Base Sand available for collection from the current approval area.

The property will be taken to the market via an Expressions of Interest campaign run by Christian Sandstrom of Knight Frank and Dan Dwan of Colliers acting on behalf of the vendor.

The Expressions of Interest campaign for the property will close at 4 pm on Thursday, 25 May.

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This quarry is home to a significant sandstone deposit. Image: Supplied.

Cairns hostel sold

CBRE’s Danny Betros and Hayley Manvell brokered the Freedom Hostel Cairns deal on behalf of the Melbourne-based vendors Shield Abbott Pty Ltd, part of the Jreissati Group which owns Bensons Property Group and the renowned Levantine Hill Winery.

Shield Abbot purchased the hostel in 2007. The property has rebranded as The Village Cairns, following the sale.

The three-level, mixed-use property sits on a 1,945 square metre site and includes 3,555 square metres of total lettable area. The hostel includes 200 beds, with the retail complex comprising nine tenancies, anchored by Rip Curl and Off Ya Tree.

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The Village Cairns was previously known as Freedom Hostel Cairns.

Auchenflower corner site comes to market

Located at 97 Haig Road, a 405-square-metre property has come to market. Colliers Queensland Executive Investment Services Sam Polichronis said, “The ground floor is leased to an award-winning cafe, Peach Cafe, and the second level contains a fully refurbished 2 bedroom, 2 bathroom residence with private entry, the property further benefits from a self-contained office suite with private access.”

The property will be offered for sale via auction on Friday, 9 June 2023 at 11 am.

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The property is home to Peach Cafe

Carrara industrial site sold for $4.9M

Located at 134-136 Spencer Road on the Gold Coast, the sale of the 4,432 square metre site was negotiated by Colliers, and purchased by Clarke’s Design & Construct.

“The price achieved by the vendor reflects the rarity of centrally located vacant land for industrial development on the Gold Coast,” said Colliers’ Marlon Crawford.

“The site benefits from a prominent corner position on the hugely popular Spencer Road and it’s one of the last remaining vacant sites in the Carrara industrial precinct which has direct access to the M1.”

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Article source: Queensland Property Investor