A 3,432sqm commercial site with significant upside could be the catalyst that transforms Springwood into the ‘Parramatta of Brisbane’, according to selling agents.
The expansive site, being marketed exclusively by Bromley Real Estate’s Ben Armstrong and David Kratochvil, has the potential to house a circa 30-storey building overlooking the M1 Logan City Council’s ‘Centre Zone’.
Neighbouring the Brisbane South Private Hospital, the Carol Avenue property allows for mixed-use including residential apartments, professional services, retail and entertainment. With exposure to 150,000 vehicles a day, it has the potential to be a suburb-defining commercial development.
The property currently houses five tenants, generating a triple net return exceeding $280,000 per year. Mr Armstrong said there was considerable scope for the property to be renovated, generating higher returns for an investor in the near term.
Mr Armstrong said Springwood was perfectly positioned on the M1, providing access to Brisbane and the Gold Coast, but had been overlooked by developers for decades because of the fragmented ownership throughout its CBD.
“Springwood had a run of new development in the 1970s and 1980s but there’s been very few new redevelopments since because large-scale sites haven’t come to market,” said Mr Armstrong.
“This property (1-7 Carol Avenue) has been in the same hands for around 50 years and would have to be the largest site to come to market in the last 20 years.
Mr Armstrong said Springwood had all the promise of being Brisbane’s equivalent of the satellite commercial hubs found in other cities.
Springwood is a well-established residential area with three primary schools, a high school, two major shopping centres a dedicated bus station.
“Springwood has all the attributes to be the Parramatta of Brisbane,” said Mr Armstrong.
“You could imagine driving south and seeing a corporate development on the site housing a global tech leader like Google or Microsoft with their branding over the M1. That’s the unique opportunity that the site presents – it’s a once in-a-generation asset.
“It’s a generational opportunity. It could become a landmark development that is the catalyst for Springwood to realise its potential.”
While the site offered flexibility in use, Mr Armstrong said it could fill the demand for office space in the area. Resumptions for the expansion of the M1 in neighbouring suburbs had created a greater demand for professional suites.
For more information click here or contact Ben Armstrong 0403 054 845 | David Kratochvil 0408 006 281