A record price has been achieved for a rare Queen Street frontage retail space with an interstate investor paying $1.15 million for the ground floor of Spire Residences.
Transacted by Colliers Queensland experts, Tony Wang and Shaun Seeto, this is the second time Colliers have sold this 89 square metre property at 1/550 Queen Street, selling it for the first time in 2018.
Colliers Queensland Asia markets director, Tony Wang said situated on Brisbane’s most prominent street and nestled below award-winning Spire Residences there was high demand for this vacant asset.
“During the campaign, the listing generated over 60 enquiries and 11 inspections resulting in three written offers at close showing the strong demand for CBD retail space,” he said.
“Ultimately the successful purchaser was a private interstate investor that had high-end convenience store tenant, quikstop minimart, lined up to move in and take advantage of the high number of residents in the catchment.
“This sale equated to the highest square metre rate for a vacant retail property in 2024 within the Brisbane CBD at $12,921 per square metre.”
Colliers Queensland investment services senior executive, Shaun Seeto said totalling 89 square metres, plus 24 square metre storage, the property was strategically situated less than 400 metres from Central train station.
“The interstate value add investor was attracted to the CBD location, the quality of build, and the surplus of residents living in the immediate area,” he said.
“With a retail tenant lined up to move in and take advantage of the 340 residential apartments within the same building and thousands of residential units in the immediate area, it was a win-win situation. The seller was pleased with the seamless process, resulting in a record square metre sale price.”
On the back of this record square metre sale rate, Colliers are now marketing lots 2 and 3 in the same property.