Humanity Place, the 2,638 square metre home of Australian Red Cross in the Park Road dining precinct in Milton, is to be sold through a national Expression of Interest campaign led by Colliers International and Knight Frank.

The three-level freehold property, owned and occupied by the Red Cross since 2004, is located on a 1,902 square metre site at 49-57 Park Road in Milton, 1.2km from Brisbane CBD.

After owning the asset for nearly 15 years, Red Cross has determined it is an ideal time to put the asset on the market with a view to redistributing funds back into the organisation to further enhance its ongoing service to the community. 

At a glance:

• Humanity Place, the 2,638 square metre home of the Australian Red Cross comes to market for the first time in 15 years
• The building offers holding income from Red Cross on flexible lease back terms, prime corporate exposure and allows for development up to eight storeys
•  The property is located at 49 -57 Park Road in Milton in the popular dining precinct

The international aid organisation has appointed Colliers International’s Hunter Higgins, Nick Wedge and Guy Wells in conjunction with Christian Sandstrom and Blake Goddard of Knight Frank, to run a national Expression of Interest campaign closing late November. Partner Developments’ Matthew Berg has been appointed as Transaction Manager. 

Mr Higgins said that the property was arguably one of Brisbane’s best value-add buildings in the city fringe, offering holding income from Red Cross on flexible lease back terms, prime corporate exposure with potential signage income, a superior 1:46 square metre car parking ratio with a total of 57 basement car parking bays, as well as the mixed-use zoning with significant development upside allowing up to eight storeys.

“It has potential to attract a wide range of buyers in the market, including developers, owner occupiers and value-add investors looking for a quality building in a prominent corner position just 1.2km from the Brisbane CBD,” Higgins said.

According to Colliers International research, strong tenant demand in the Milton office precinct over the first half of 2019 has resulted in record net absorption of 19,848sqm, driving the vacancy rate down to 17.5 per cent from a historical high of 27.9 per cent in September 2018. 

“The influx and relocation of tenants in the Milton precinct reflects the value proposition on offer and the lack of A grade contiguous space with large floor plates,” Mr Sandstrom said.

“Milton is going through a major regentrification and urban renewal including the new Railway Terrace retail precinct. This has been further shown through the recent on-market sales of fully-leased and refurbished assets at 16 Marie Street for $25.5million and 8 Gardner Close for $25.23million.”

Red Cross CEO Judy Slatyer said that sale was part of a national property masterplan designed to release value from several key properties.

“Red Cross will reinvest the funds to move to premises in Brisbane’s CBD or CBD fringe that are both more affordable to own or lease, and better suited to the needs of the people we work with,” Ms Slatyer said. 

The suburb of Milton is one of only a few city fringe suburbs with access to all forms of public transport, direct access to bicentennial bikeway and easy connectivity to north and south of the Brisbane River.

The property is located within immediate proximity to some of Brisbane’s best retail amenity on Park Road and features 4.0 Stars NABERS Rating, great natural light and functional tenancy splits.

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