In a recent transaction, a commercial property neighboring the Gabba stadium in Woolloongabba, Brisbane, changed ownership for $7.2 million, as reported by JLL. Despite the shelving of plans to demolish the Gabba for the 2032 Olympics and Paralympics, the local commercial property market has remained robust. Over the past year, Woolloongabba has witnessed increased property transactions compared to the quieter inner-city market, indicating a positive trend in the area.

The property known as ‘Gabba HQ’ at 32 Logan Road, a two-story building with some tenancy, attracted significant interest during an Expressions of Interest campaign. The sale, facilitated by JLL agents Harry Borger and Tim Jones, drew attention mainly from local buyers, including owner-occupiers and investors looking to capitalize on the property’s amenities such as ample parking spaces and existing tenancy by a law firm. The competitive bidding process saw participation from various buyer types, culminating in the acquisition by a private entity in the service sector aiming to expand its operations in the evolving Gabba precinct.

While the Gabba stadium may have lost its significance in the Olympic plans, the overall appeal of the precinct remains strong, according to Harry Borger. The market sentiment is positive, with a growing demand from owner-occupiers and investors seeking value-add opportunities. Tim Jones highlighted the area’s connectivity as a key driver for buyer interest, particularly with the Cross River Rail project set to enhance transportation links from Gabba to central Brisbane and beyond, effectively extending the CBD’s reach.

The transaction signifies the continued strength of the Woolloongabba commercial property market, with ongoing development projects reshaping the area’s landscape. The evolving accessibility, coupled with the precinct’s transformation, is expected to further boost deal volumes and property prices in the future. The sale of ‘Gabba HQ’ not only exemplifies the resilience of the local market but also underscores the attractiveness of the Gabba area for businesses looking to establish a presence in a dynamic and evolving commercial hub.