Bunnings to down tools in inner-city Brisbane’s newest hotspot

Bunnings is moving out but a new era beckons for Albion, inner-city Brisbane’s newest property and development hotspot.

RETOOLED: Hunter Higgins from Colliers International who negotiated the sale of the Bunnings-tenanted facility at 16 Hudson Rd, Albion. Picture: Megan Slade

INNER-city Albion is losing a hardware giant but has emerged as Brisbane’s newest property and development hotspot.

In one of the inner-city hub’s biggest recent transactions, a large bulky goods facility tenanted by Bunnings has changed hands in a $14 million deal.

The buyer is yet to be disclosed with all parties involved in the deal remaining tight-lipped on the details.

But according to industry sources the facility at 16 Hudson Rd has been snapped up by a national car retail group, which plans to occupy the site when Bunnings vacates it in June.

Albion Exchange a game-changer for the city’s inner-north

The property comprises a building with 4547sq m of net lettable area over two levels on a 4608sq m site with a high-density residential zoning allowing up to 10 storeys.

Hunter Higgins and Anthony White from Colliers International negotiated the sale, which

reflects a sharp yield of 5.89 per cent on the remaining five-month lease tail.

More than 130 inquiries were fielded from potential buyers during the national expressions of interest campaign resulting in four offers being put on the negotiating table.

Mr Higgins said the sale also represented one of the strongest square metre rates achieved in Albion for a bulky goods facility.

He said the successful purchaser had been in the market looking to acquire a building with future development upside.

“They could also see the potential this property presented being in a prime location in a rapidly evolving precinct,” he said.

“Albion is experiencing a major transformation and has a lot of potential for growth in terms of property value.

“A true reflection of gentrification in the area includes the proposed Geon Property’s Albion Train Station precinct redevelopment, Albion Park Raceway, Crosby Park Apartments development, the Hudson and the proposed Tatts development.

“Being only 4km to Brisbane CBD, with the direct line in via rail, Albion ticks all the requirements for business and lifestyle with great local amenity, proximity and easy access to public transport and major arterials, as well as Brisbane Airport,” Mr Higgins said.