Redevelopment Site in Walking Distance of Brisbane’s Olympics HQ Sells for $6.5M
A strata-titled motel within walking distance of the Gabba has sold for $6.5m as the investment drive ahead of the 2032 Olympics and Paralympics picks up.
A private investor looking to capitalise on the Games and nearby infrastructure – including the Gabba’s future Cross River Rail – beat out more than 200 enquiries for the 2,159sqm site at 659 Main Road Kangaroo Point. The transaction represented a 5.8% gross yield on a circa $380,000 annual gross income.
The deal, facilitated by LJ Hooker Commercial Brisbane’s Ben Armstrong and Tasmin Colquhoun, was three years in the making. There were 16 lot owners across the site, which includes 19 studio apartments, a two-bedroom apartment and a caretaker’s office.
Selling as an amalgamated site achieved the owners premiums of 150% above what they would have received through retail, at market. Recent studio apartment sales fetched around $90,000, whereas lot owners have secured between $220,000-$240,000 dependent on their entitlement under the site sale.
The 2,159sqm site, only 700m from the Gabba, holds considerable upside, with the planning code allowing eight stories on the arterial road site.
“The motel attracted a lot of interest as both an investment and redevelopment site,” said Mr Armstrong.
“The purchaser is focusing on it as a long-play investment. There is obviously a lot of upside in the site and its proximity to future infrastructure including the redeveloped Gabba and Cross River Rail station offers significant opportunities in years to come.”
Mr Armstrong said redevelopment sites around Woolloongabba, East Brisbane and Kangaroo Point were in high demand, with investors looking to capitalise on infrastructure additions ahead of the 2032 Games.