Former World Expo ’88 site sells
A Goodna warehouse used to store dismantled modular buildings for Brisbane’s 1988 World Expo has sold to an investor who also operates a business which could use part of it.
In recent years occupied as a production facility by Schweppes – now an Asahi brand – the 2.32 hectare property, 316 Brisbane Terrace, was offloaded by New Zealand syndicate Silverfin Capital which paid $10m in late 2017.
Schweppes had not long earlier completed a c$30m refurbishment of the improvements, which were listed for lease prior to selling.
That campaign is being handled by Colliers’ Levi Maxwell.
That agent, with colleague Simon Beirne, brokered the Brisbane Tce sale – for $12.4 million.
“Located adjacent to the Redbank Motorway Estate, this freestanding facility offers easy and direct B-double access to the Ipswich Motorway, allowing excellent connectivity via major transport routes,” Mr Maxwell said.
“With multiple roller doors and excellent all-weather awning cover adjacent to the Motorway, the site receive significant investment from both the landlord and lessee with excellent underlying infrastructure which will benefit future users,” he added.
Next chapter for Expo 88 site
On 2.32 hectares at the south east corner of Lower Cross St, near Redbank, a major local industrial hub, the Goodna property contains 87 car parks and significant hardstand accessed via multiple crossovers (story continues below).
The improvement contains 8040 square metres – about 10 per cent (791 sqm) which is offices.
“Just 19 kilometres from the Brisbane CBD, Redbank is south east Queensland’s prime logistics and e-commerce precinct,” Mr Beirne said.
“[The area] 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,” he added.
“This iconic [Brisbane Tce] facility was originally part of the World Expo 88, it was the first instance where Expo buildings were of modular design for relocation after completion” according to the executive.
Mr Maxwell said he expects tenant demand given the price difference between secondary and prime quality stock in the area.
“These kind 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 three years,” he added.
“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,” according to the executive.
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