Tech property deals boot up as innovative start-ups rise from Qld incubator strategy

With the emergence of local tech start-up hubs over recent years, the flow-on effect of expanding businesses is having a positive impact on Brisbane’s property market.

The rise of homegrown tech-based businesses is starting to have a positive impact on Brisbane’s commercial property sector.

THE boot up has begun for Brisbane’s commercial property sector with increasing activity from the city’s emergence as an incubator for innovative technology businesses.

With the rise of local hubs for tech-based start-ups over recent years, the flow-on effect of expanding businesses is having a positive impact on the market.

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While still dwarfed by global giants such as Amazon, which has just unveiled plans for a multimillion-dollar Brisbane facility, the space requirements from fledgling homegrown innovators and disrupters are on the increase.

In one of the latest deals, locally-based electric vehicle (EV) charging station company Tritium has struck a new eight-year lease with renewal options at Alceon Group’s facility at 48 Miller St, Murarrie.

The deal comes only four months after Alceon purchased the 8184sq m site from Fawkner Property Group for $16.3 million on an 8 per cent yield.

Alceon's property at 48 Miller St, Murarrie.

Alceon Queensland’s Executive Director, Todd Pepper worked closely with Tritium to negotiate the new lease, which will see the company expanding its facility, retaining its head office, research and development and testing facilities all in Brisbane.

“It’s a good example of the incubator-type strategy providing, ultimately, a 4500sq m tenant and it’s still growing,” he said.

Construction has begun on the additional 1000sq m of space and due for completion by December.

It will allow Tritium to expand its research and development activities and will feature a state-of-the-art electromagnetic certification (EMC) chamber and test facility, the first of its kind in the southern hemisphere.

The facility’s expansion will be a physical signpost of the company’s rapid growth having already deployed more than 4500 of its stations with advanced DC fast charging technology across 33 countries in Europe, North America and Asia-Pacific.

Tritium electric vehicle charging stations.

Mr Pepper said the new leasing deal also reflected the consistent demand from tech-based businesses for space in suburban satellite hubs.

“They are drawn to these locations because they are cost effective and more accessible,” he said. “But also because they enable the cohabitation of clean tech research/assembly space with functional office space and offer strong carpark ratios,” he said.

Mr Pepper said the decision to invest in the Murarrie property was based on it being an income-producing land rich site with only 20 per cent existing coverage on a prime corner position only 20 minutes from the CBD.

“But as a landlord we are also excited to be able to work with a global technology leader headquartered in Brisbane,” he said.

Tritium’s head of corporate development David Toomey said Alceon was able to offer some creative structuring to make the additional facility a possibility.

“It is ingenuity like this, and local firms working together, that will keep Brisbane at the forefront of global hi-tech sectors, like EV charging,” he said.