A record price has been achieved for a rare Queen Street frontage retail space, with an interstate investor paying $1,150,000 for the ground floor of Spire Residences. 

Transacted by Colliers Queensland experts Tony Wang and Shaun Seeto, this is the second time  Colliers have sold this 89 sqm property at 1/550 Queen Street, selling it for the first time in 2018. 

Colliers Queensland Asia Markets Director Tony Wang said situated on Brisbane's most prominent  street and nestled below award-winning Spire Residences there was high demand for this vacant  asset. 

“During the campaign, the listing generated over 60 enquiries and 11 inspections resulting in 3  written offers at close showing the strong demand for CBD retail space,” Tony Wang said. 

“Ultimately the successful purchaser was a private interstate investor that had high-end convenience  store tenant, quikstop minimart, lined up to move in and take advantage of the high number of  residents in the catchment.  

“This sale equated to the highest square metre rate for a vacant retail property in 2024 within the  Brisbane CBD at $12,921/sqm,” Tony Wang added. 

Colliers Queensland Investment Services Senior Executive Shaun Seeto said totalling 89 sqm, plus 24 sqm storage, the property was strategically situated less than 400m from Central Train Station. 

“The interstate value add investor was attracted to the CBD location, the quality of build, and the  surplus of residents living in the immediate area,” Shaun Seeto said. 

“And with a retail tenant lined up to move in and take advantage of the 340 residential apartments  within the same building and thousands of residential units in the immediate area, it was a win win  situation. 

“The seller was pleased with the seamless process, resulting in a record square metre sale price,”  Shaun Seeto added. 

On the back of this successful transaction with a record square metre sale rate, Colliers are now marketing lots 2 and 3 in the same property.

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