Colliers Queensland has transacted a $12.4 million sale of a 8,040sqm office and distribution warehouse formerly used for Expo ’88 on behalf of Silverfin Capital Limited.

Colliers Queensland agents Simon Beirne and Levi Maxwell sold the iconic site at 316 Brisbane Terrace, Goodna, to QDD Autralia Pty Ltd.

Colliers Queensland Chief Executive Simon Beirne said there was huge interest in the site as it was strategically located in the high growth industrial area of Redbank Peninsula.

“Redbank is undergoing a period of high growth with tenants already committed to the precinct including DB Schenker, Australia Post, FedEx and Coles in the Goodman Redbank Motorway Estate,” Simon Beirne said.

“Ideally situated within Brisbane’s Western Corridor just 19 kilometres from the Brisbane CBD, Redbank is South East Queensland’s prime logistics and eCommerce precinct.

“This iconic facility was originally part of World Expo ’88, it was the first instance where Expo buildings were of modular design for relocation after completion of Expo, and is now occupied by a national tenant,” Simon Beirne added.

Colliers Queensland Director Industrial Levi Maxwell said the facility was in demand due to it offering functional warehousing, modern offices and good underlying building infrastructure on a 23,200sqm site.

“These kinds of properties are in high demand, as a secondary grade facility, due to the discount when compared to prime grade properties which have commanded absolute premium prices over the last 3 years,” Levi Maxwell said.

“The buyer has multiple options available to them as the property is currently producing very good income however they may look to occupy or redevelop a portion of it in the future,” Levi Maxwell said.

“Located adjacent to the Redbank Motorway Estate, this freestanding facility offers easy and direct B-double access to the Ipswich Motorway, allowing for excellent connectivity via major transport routes,” Levi Maxwell said.

“With multiple roller doors and excellent all weather awning cover adjacent to the Motorway, the site received significant investment from both the landlord and lessee with excellent underlying infrastructure which will benefit future users.

“Recent upgrades to the Ipswich Motorway and, in particular, the Centenary Ipswich interchange, have made this area even more desirable due to the direct access to all major arterial roads networks,” Levi Maxwell added.

Colliers Queensland transacted over $3.5 billion of industrial assets in South East Queensland in the last two years.

Outperforming returns from office and retail assets for the past five consecutive years, the industrial and logistics sector remains better placed than most to weather market uncertainty this year due to a confluence of yield stabilising and increasing rents, according to Colliers’ latest investment research.

The sector’s strong performance has been underpinned by the occupier market, with rental growth currently at its highest level on record.

To request a sales analysis please contact the selling agents via the below contact details.