A private Asian investor has purchased the ground floor of ‘The Wellington’, anchored by Renaissant East Brisbane Day Hospital, for $12.5 million.
Located at 45A Wellington Road East Brisbane, the sale is a sign that Asian capital is moving to Brisbane ahead of the Brisbane 2032 Olympic and Paralympic Games.
Colliers Queensland Director Investment Services Nick Wedge said the Brisbane 2032 Olympics was the accelerator for creating the next generation of CBD and inner-city real estate precincts.
“A corner site located within a 2 kilometre radius of the CBD and close to the soon to be opened Cross River Rail this site offered a terrific opportunity for investors,” Wedge said.
“For sometime, industry experts have been forecasting that Brisbane would be the best-performing capital city market over the coming three years. As of January 2022, Brisbane was outperforming all other Australian capitals, with a total annual return for 2021 of 33.7 per cent, ahead of Sydney’s 20.2 per cent and Melbourne’s 12.7 per cent.
“Brisbane is experiencing one of the greatest infrastructure booms in history with over $50 billion in progress. Over the next twenty years, the Brisbane 2032 Olympic and Paralympic Games are forecast to generate economic and social benefits of $8.1 billion for Queensland and $17.6 billion for Australia according to the Queensland Premier Annastacia Palaszczuk.”
Colliers Queensland National Director Transaction Services Healthcare and Retirement Living Chris O’Driscoll said the Wellington presented a unique inner city investment opportunity to acquire a key health offering with quality complementary tenants.
“The opportunity, anchored and operated by Renaissant East Brisbane Day Hospital, which is a custom designed day hospital, is further complemented with a mix of health and retail tenants,” O’Driscoll said.
“With strong rental income from a premium medical facility certified as a Level 2 Day Hospital and located in inner city Brisbane, this was a great opportunity. This investment offering, within one of Brisbane’s prominent suburbs, will give the buyer long term security and potential rental growth.”
Colliers Queensland Director Asian Markets Tony Wang said with unprecedented levels of infrastructure development in Brisbane with the Olympic Games, Asian capital was looking for opportunities in the market.
“This site offers a great opportunity on the corner of Wellington Road and Overend Street right near the Wooloongabba precinct that has been recognised as Brisbane’s next major central hub for the 2032 Olympics,” Wang said.
“Woolloongabba is experiencing major growth and in 2032 it will be the same as Homebush was 20 years ago, we can expect to see more Asian capital moving here as properties come to the market.”
The balance of the building, separate to the offered ground floor investment, sits The Wellington Apartment Hotel Brisbane.