Red-hot spot in city
THE Red Cross has put its long-term Queensland headquarters on the market.
The not-for-profit group has owned Humanity Place at 4957 Park Rd, Milton, since 2004 and chief executive Judy Slatyer said it was the ideal time to sell the building and redistribute funds back into the organisation to further enhance its ongoing services.
“Red Cross will reinvest the funds to move to premises in Brisbane’s CBD or CBD fringe that are both more affordable to own or lease, and better suited to the needs of the people we work with,” she said.
“As community needs change, the need to operate from a particular premises changes.
“The sale is part of a national property master plan that releases value from several key properties and allows us to work in locations that best serve the people who use them, from clients and volunteers to staff and partners.”
The three-level freehold property with a 2638sq m of gross lettable area is on a 1902sq m site in the Park Rd dining precinct, just 1.2km from Brisbane CBD.
Colliers International’s Hunter Higgins, Nick Wedge and Guy Wells in conjunction with Christian Sandstrom and Blake Goddard of Knight Frank, will run the national expression of interest campaign closing late November.
Mr Higgins said he expected the building to draw national interest from developers, owner occupiers and value add investors.
“This is arguably one of Brisbane’s best value-add buildings in the city fringe,” he said.
“It has potential to attract a wide range of buyers in the market, including developers, owner occupiers and valueadd investors looking for a quality building in a prominent corner position.”
According to Colliers’ research, strong tenant demand in the Milton office precinct over the first half of the year has resulted in record net absorption of 19,848sq m, driving the vacancy rate down to 17.5 per cent from a historical high of 27.9 per cent in September 2018.
Mr Sandstrom said the influx and relocation of tenants in the Milton precinct reflects the value proposition on offer and the lack of A-grade contiguous space with large floor plates.
“Milton is going through a major regentrification and urban renewal including the new Railway Tce retail precinct,” he said.