Plans to demolish the Gabba and build a new stadium for the 2032 Olympics and Paralympics may have been benched, but the controversial pull-back hasn’t impacted commercial property prices in the neighbourhood.

According to JLL’s Associate Director, Metro Sales & Investments Queensland Harry Borger, Woolloongabba has recorded an uplift in transactions during the past 12 months, contrasted with a more subdued inner-city market.

A prime example is the $7.2 million sale of ‘Gabba HQ’ at 32 Logan Road, a deal he brokered alongside JLL’s Director, Head of Metropolitan Sales & Investments – Queensland Tim Jones.

The two-storey, partly tenanted property – sitting just across the road from the Gabba stadium – sold after a competitive Expressions of Interest campaign that drew attention predominantly from domestic groups, with much of the interest coming from part occupiers keen to capitalise on factors such as the site’s abundant 26-space car parking and the existing law firm tenancy.

Five formal bids were ultimately submitted from owner occupiers, passive and value-add investors.

The private buyer was a business working in private services and looking to accommodate growth while getting a foothold in the Gabba as the precinct continues to evolve. 

“The Gabba stadium may no longer be central to infrastructure planning for the 2032 Games, but the wider precinct continues to strengthen in appeal,” Mr Borger said. 

“There is plenty of positivity in the market and growing demand, particularly among owner-occupiers and for value-add opportunities. We expect deal volumes and prices to continue to escalate, especially in light of the ongoing development that’s transforming the area.”

Mr Jones pointed to the precinct’s focus on connection as a key driver of demand.

“The overarching trend that’s really speaking to buyers is the evolving accessibility of Woolloongabba and surrounds,” Mr Jones said.

“Anchoring this is the Cross River Rail, which will provide connection from the Gabba to central Brisbane and beyond, creating easy access to the city, near city and Fortitude Valley for a commuting workforce and also strengthen links with lifestyle amenities such as Roma Street Parklands.

“It will unlock the entire precinct to effectively create an extension of the CBD.”

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