Landmark commercial property in Brisbane’s Eagle Farm sells for the first time in 30+ years

A well-known landmark commercial property in Eagle Farm has sold for the first time in more than 30 years.

The property at 931 Kingsford Smith Drive was purchased by Tangalooma Island Resort from the long-time vendor. Tangalooma Island Resort have been occupying the property for almost four decades, with the asset crucial to their administration department.

The sale, which saw the property change hands for $7.225 million, was negotiated by Knight Frank agents Hayden Ryan and Christian Sandstrom following an Expressions of Interest (EOI) campaign.

The 2,960sq m Eagle Farm property has 1,433sq m of lettable area over two levels, with 43 car bays.

It is around 80% occupied by tenants Pack & Send Eagle Farm, Eagles Carvery & Take Away and Tangalooma Island Resort.

The asset was sold with a passing yield of 4.4% and a WALE of 1.28 years by income.

Mr Ryan said there was strong buyer interest during the EOI campaign, with ongoing demand for quality commercial assets with significant underlying land value of particular interest.

“The campaign was extremely well received, with over 60 enquiries coming within the first few days of marketing,” he said. “We extracted a total of eight genuine offers on the asset, demonstrating the appetite for assets of this nature.

“We ran a strategic EOI process, which left the door open to all purchaser groups in owner occupiers, value-add investors and developers. Ultimately, we received offers from all of these groups which was important in maximising price and terms for the vendor.

“The sale campaign saw over $30 million of unsatisfied capital from private investors, who are ultimately looking for similar opportunities to deploy their capital in Brisbane.”

For more information contact: Hayden Ryan or Christian Sandstrom