In a landmark $19,000,000 deal, Colliers Queensland has sold a 3,044 sqm commercial building in Adelaide Street, in Brisbane’s CBD, to Queensland Country Bank to house the Bank’s Brisbane-based administrative teams and future CBD Branch.

In a deal struck by Colliers Queensland Investment Services agents Nick Wedge and Hunter Higgins, the building located at 247 Adelaide Street, Brisbane has been sold on behalf of a local private investor.

Colliers Queensland Director Investment Services Nick Wedge said this off-market sale for a long term existing client saw a great result, with a 2.55 per cent passing yield and 7.43 per cent fully leased yield showing the demand for office space was still strong.

“This prime CBD location offered a great opportunity for Queensland Country Bank to purchase a commercial building that will house not only a branch, but also their Brisbane branch and administration offices  to complement their Townsville head office, with the remainder of the building leased to existing tenants providing passing income,” Nick Wedge said.

Queensland Country Bank CEO Aaron Newman stated: “the building acquisition was necessary to support the Bank’s strong growth across Queensland, particularly in the South East corner as it pursues its vision to be Queensland’s best regional bank.”

“Brisbane has the tightest office market outside of Hobart CBD. Despite rising vacancy rates across most Australian CBDs since 2022, the Brisbane CBD has seen a notable 6 per cent overall decline, achieving a vacancy rate of 9.5 per cent in July 2024, a level not seen since January 2013. Through long standing relationships, we were able to match our client and vendors expectations to formulate a hugely beneficial off-market deal for both parties,” Nick Wedge said.

Colliers Queensland National Director Investment Services Hunter Higgins said 247 Adelaide Street was home to a diverse range of professional uses across 6 levels with ground floor retail to house a Queensland Country Bank branch in a prime CBD position.

“The building is located within one of Brisbane’s most vibrant commercial precincts, the Golden Triangle, benefiting from access to Post Office Square, Queen Street Mall, Central Station and is serviced by retail, dining and public transport amenities,” Hunter Higgins said.

“Brisbane CBD has defied the trend of declining absorption rates in Sydney and Melbourne, demonstrating a strong demand for office space, driven by a resilient economy.

“Brisbane's economic growth, which is fuelled by growing population, infrastructure investments and business expansion, is what is driving this strong demand. As the city attracts more businesses and industries, the expansion of office supply will be critical moving forward,” Nick Wedge added.

Over the next twenty years, Brisbane 2032 is forecast to generate economic and social benefits of $8.1 billion for Queensland and $17.6 billion for Australia

Related Readings 

Springwood’s best office address sold by Colliers | Commo.

Prime office asset in Ringwood for sale by Colliers | Commo.

Iconic Collingwood property sold off-market in record time - Colliers | Commo.

Brisbane CBD welcomes state’s largest barristers’ chambers in more than a decade - JLL & Colliers | Commo.