Global investment firm Brookfield is moving to capitalise on Queensland’s strong economy and increased investor activity in the Brisbane CBD with the sale of the high-profile Portside Wharf retail precinct and two adjacent development sites.

CBRE’s James Douglas, Joe Tynan and Michael Hedger will steer the sale process for Portside Wharf, together with colleagues Trent Hobart and Will Carman, who will seek interest in the two adjacent sites. 

The marketing campaign for the retail and development assets, which can be acquired individually or together, is expected to commence in the coming weeks via an international Expressions of Interest sale campaign.

Situated just 6km from the CBD, Portside Wharf is located on the northern side of the Brisbane River in affluent Hamilton within a major existing mixed-use development comprising retail and commercial space, apartments, and car parking.  

Portside Wharf has a gross lettable area of circa 13,880sqm and is home to premium food, dining, and casual F&B retailers, as well as Dendy Cinemas and an IGA supermarket, which has recently expanded its footprint. An extensive $20 million capital works and upgrade program is also nearing completion.

Long established occupiers include Sono Japanese Restaurant and Byblos, with the latter reopening shortly after an extensive refurbishment.

These key tenants will be joined by several new and exciting entrants to the precinct, headlined by active and immersive experiences such as The Ballpark and gastropub Portside Social. Other new retailers include Fosh, Rise Bakery, Rose Gelateria, Birds Nest, Uncle Wangs, Choo Choo Sushi and Sugee Ramen.

CBRE’s Mr Douglas noted, “Brookfield has invested heavily in Portside Wharf to reposition the asset and it is performing very well as a highly attractive food, dining and recreational precinct. A recent grants and incentives program launched to assist retailers to establish at Portside Wharf has led to a circa 1,200 per cent increase in leasing enquiry. Key offers have been retained and new entrants will increase visitation and spending to this riverside location.”

The two adjacent development site opportunities in the sale process offer 7,401sqm of developable land and include a planning permit for 560 residential apartments over two buildings of up to 23 levels in a high-quality Build to Rent project.

CBRE’s Trent Hobart noted, “This is a unique development proposition, close to the river, with exceptional view lines. It’s also positioned to capitalise on a once-in-a-generation government investment into infrastructure to support the 2032 Olympic Games.”

More than one million people live within a 20-minute drive of the asset, with the area expected to experience strong population growth into the future.

As part of the Hamilton Priority Development Area (PDA), the precinct will be in close proximity to the Athletes Village for the Brisbane 2032 Olympic and Paralympic games, with much of this accommodation to be repurposed for permanent residents after the games. 

The area’s demographic is characterised by traditional young families who earn higher than average incomes. 

As such, the retail offer at Portside Wharf has been curated to capture part of the estimated $25.9 billion retail expenditure in the 20-minute drive time, which is expected to increase 3.4% p.a. to $45.9 billion by 2041 (Source LocationIQ.)

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