Tech hub humming as buyers plug $13.3m into building deals

Future business growth was the major drawcard for the buyers of two buildings in a portfolio sell-off in Brisbane’s biggest suburban business park

Knight Frank’s Blake Goddard and Matt Barker at 10 Brandl St within Brisbane Technology Park at Eight Mile Plains. Picture: Richard Gosling

TWO buildings within Brisbane’s largest business park have changed hands with buyers attracted to the technology hub’s future business growth.

The Brisbane Technology Park (BTP) properties at 10 and 69 Brandl St, Eight Mile Plains, sold in deals totalling $13.3 million.

Both buildings were part of a portfolio owned by Benlee Property Trusts and were sold in transactions negotiated by Knight Frank’s Blake Goddard, Matt Barker and Christian Sandstrom.

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Mr Goddard said the BTP properties were significant investment and value-add opportunities, and were highly sought during the expressions of interest campaign.

“The Upper Mount Gravatt-Eight Mile Plains precinct is one of eight ‘Global Precincts’ identified by Brisbane City Council for scalable industrial activity, world-class business environments and global reach,” he said.

“Regarded as a knowledge-intensive business technology hub, this precinct offers excellent and convenient accessibility to facilitate future business growth, and this potential growth is what buyers were drawn to”.

Aerial of Brisbane Technology Park at Eight Mile Plains.

The property at 10 Brandl St comprises 3060sq m of office and warehouse space on a 6787sq m corner block at the Logan Rd entrance to the BTP.

It was purchased for $10 million by APN Fund Management’s BTP Workspaces, the largest single property owner in the business park with more than $170 million invested across 36,000sq m of property, which includes development land.

Knight Frank’s Blake Goddard and Matt Barker.

The acquisition bolsters BTP Workspaces offering to its tenant base and is particularly attractive for occupiers who require flexibility, with the option to move across its buildings at any time during their lease without penalty.

The other BTP holding at 69 Brandl St has been acquired for $3.3 million by Sunkids Childcare, which also has its head office within BTP.

It comprises a two-level, 1758sq m commercial and high-clearance warehouse building on a 2612sq m block.

With an existing lease due to expire in April next year, the new owner plans to convert the asset into a childcare centre to service the needs of the growing number of workers in BTP and surrounds.

Mr Barker said both properties were in a prominent locations within BTP, which covers 33ha and is Queensland’s largest suburban office business park.

“The passive nature of the park and assets, along with tenant retention has also been a big drawcard for investors to the precinct, which we expect to continue to see,” he said.