Identifying commercial property opportunities around the Brisbane Games precinct
Another milestone for the 2032 Olympic and Paralympic Games was ticked off this week with global consultants Arup awarded the contract for the Victoria Park Precinct Master Plan.
The integration of the new stadium, aquatic facility and Athletes Village at RNA Showgrounds will be key focuses of the master plan, but so too will connectivity to the adjacent commercial precincts.
For Brisbane’s business community, it represents a catalyst for regeneration across inner-north suburbs such as Kelvin Grove, Herston and Bowen Hills. As new venues, infrastructure and green spaces emerge, retail, hospitality, creative and professional services operators will be queuing up to secure their place among the action, setting the stage for long-term commercial growth.
Now is the time for investors and operators to get in on the ground floor, setting themselves up to ride the regeneration of the area.
Take Kelvin Grove, for instance: anchored by QUT, it has an established education and student base, with creative and hospitality enterprises leveraging the critical mass.
The suburb’s healthy population will be bolstered by the increased visitation and workforce activity driven by the precinct, creating new opportunities for co-working hubs, boutique retailers and food operators. Hospitality in particular will thrive, with scope for facilities and offerings that complement the precinct’s cultural and sporting infrastructure.
Bromley Real Estate is managing one such property that’s perfectly positioned to capitalise on the suburb’s imminent renewal.
Ben Armstrong and Dylan Meinicke are managing the campaign for 3/38 Bishop Street, Kelvin Grove, adjacent to the masterplan. The 632sqm building area is equipped with a full commercial kitchen, four cold rooms, freezer space, and office areas and is available for sale or lease.
Its proximity to current and potential future investment in the area – retail, hotel and other accommodation – as well as a high-grade commercial kitchen and inclusions, make it a turnkey solution for business owners that specialise in supplying to cafes and catering.
Tens of thousands of staff – professionals through to construction workers – will converge on the inner-ring suburbs over the next seven years and cafes and hoteliers will be looking to source pre-prepared food items to feed the influx.
For an investor, the Bishop Street address offers a unique opportunity. Properties with specialised fit-outs in growth corridors are becoming increasingly scarce. With infrastructure improvements and rising tenant demand likely to compress vacancy rates, Bishop Street offers both stability and upside.
As was seen in 2000 at Sydney, there was localised commercial value uplift around key Games precincts, driven first by land value (rezoning and density), then by income growth (tenants following the amenity and transport), and finally by yield compression as the precinct matured and corporates and institutions leaned in.
Bromley’s sales and leasing team has partnered with investors and business owners to capitalise on transformational infrastructure projects for more than four decades. If you’d like to better understand the opportunities available around key 2032 Games infrastructure, contact the team at Bromley today.