_Eight Mile Plains property sells for close to $20 million

May 20, 2022

A 3,118 sqm property at 1 Miles Platting Road in Eight Mile Plains, with 2,808 sqm of net lettable area over a two-storey building has sold for $19.735 million
The newly constructed building in the Brisbane Technology Park was sold by Alceon to investor Southern Cross Group
The sale was negotiated by Matt Barker and Blake Goddard of Knight Frank

Brisbane, Australia – A recently constructed building in one of Brisbane’s largest and leading business precincts has sold for $19.735 million in an off-market deal.

The 3,118 sqm property at 1 Miles Platting Road in Eight Mile Plains, situated within the Brisbane Technology Park, has 2,808 sqm of net lettable area spread over two levels of the building and 62 car parks.

The asset was purchased by private investor Southern Cross Group in a deal negotiated by Matt Barker and Blake Goddard of Knight Frank.

1 Miles Platting Road was the final asset in Alceon’s BTP trust that commenced in 2013. The BTP Trust was created to capture the increasing demand for quality suburban office accommodation that is affordable and has high levels of car parking and amenity.

The trust developed two office buildings and sold three development sites at Eight Miles Plains, four office buildings and a childcare centre at Northshore Hamilton, delivering a total of 21,800sqm of office accommodation worth approximately $110 million over the last 9 years.

The sale brings Alceon’s exposure in Eight Miles Plains to an end, but they continue to deliver A-grade commercial office accommodation in Northshore Hamilton and Robina, as the demand for high-quality accommodation continues to increase, having recently completed construction and leasing of 385 Macarthur Avenue, Hamilton, and the Metricon Building at Robina.

Mr Barker said the sale was one of the larger deals in Brisbane Technology Park to take place in recent times.

“While this property was sold in an off-market deal we had significant interest from several buyers keen to invest in the business park,” he said.

“A majority of investor interest stemmed from the property’s high-profile position, quality tenants, and strong cash flow.”

Mr Goddard said the building occupied Brisbane Technology Park’s most strategic location with frontage and exposure to both Logan and Miles Platting Road.

“The development benefits from the existing park amenities such as connectivity to the high-speed fibre optic network, onsite security and proximity to childcare facilities, cafes and restaurants,” he said.

The Brisbane Technology Park spans more than 33 hectares, comprising in excess of 45 commercial office buildings and 200 tenants, with additional facilities including conference centres and an apartment hotel in the precinct.

Bordered by the Pacific and Gateway Motorways, the Park benefits from direct access to a wide array of infrastructure and amenity, including the Brisbane CBD which is less than 15 kilometres away.

It is serviced by the South East Busway, the Beenleigh Railway line at Runcorn station and is convenient to Griffith University campuses in Nathan and Mt Gravatt. In 2023, public transport connectivity in the area will be transformed with the arrival of turn-up-and-go Brisbane Metro services at Eight Mile Plains busway station.

Established national and international tenants committed to the area include Woolworths, 7-Eleven, Toshiba and Fujitsu.

Information about Alceon:

Alceon Qld and Graystone complete their Business and Technology Precinct Fund (BTP Fund) with the sale of 1 Miles Platting Road, Eight Mile Plains

Alceon and Graystone are pleased to announce the sale of the final asset in its jointly managed BTP Fund
The sale represents the final asset in the Fund which was established in 2013 with the acquisition of approx. 1.6 ha of land within the Brisbane Technology Park at Eight Mile Plains from the Qld Government and 2.8ha of land under a Development Management Agreement with EDQ at Northshore Hamilton.
The Fund Developed
- 2 suburban office buildings totalling ~6,000m2 NLA at Eight Mile Plains and sold 3 developed vacant land lots to the market; and
- 4 Suburban office buildings totalling approximately ~14,000m2 NLA as well as a Child Care centre at Macarthur Ave, Northshore Hamilton
The Fund invested $16,000,000 in equity and investors achieved a 2.0x cash multiple.
Alceon and Graystone are extremely pleased with this outcome considering the fund endured;
- A pandemic;
- A doubling of Market incentives
- 2018 Credit Crunch
- China Slowdown; and
- Rising construction costs
Alceon has established its second BTP Fund (BTP2) in September 2019 acquiring a further 3.1 hectares from EDQ and has developed and competed its first building at 385 Macarthur Ave, fully leased, and commenced construction of its second building at 389 Macarthur Ave, with two further buildings yet to be developed totalling approximately 14,000m2

For further information, please contact:

Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211

Ends
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.

Alceon Queensland, part of the national Alceon private equity real estate group, and was initially established in May 2008. Among its latest projects are several office buildings in the burgeoning Brisbane inner-north riverside Business and Technology precinct of Northshore Hamilton, and the Acuity Business Park, a benchmark office development transforming a 1.4ha site at Robina on the Gold Coast into a dynamic, connected and innovative work and education hub comprising 20,000sq m of A-grade commercial space, adjacent to the Robina Train Station. Alceon Qld is also undertaking the refurbishment and redevelopment of the former Tabcorp buildings at Albion and Woolloongabba.