In the vibrant real estate landscape of Woolloongabba, a commercial property known as ‘Gabba HQ’ situated at 32 Logan Road recently changed ownership for a substantial $7.2 million. Despite the shelving of plans to rebuild the iconic Gabba stadium for the 2032 Olympics and Paralympics, the local commercial property market remains robust and active.

The transaction, orchestrated by JLL agents Harry Borger and Tim Jones, reflects a noteworthy surge in property deals within Woolloongabba over the past year, in stark contrast to the relatively calmer inner-city market. The sale of ‘Gabba HQ’ garnered significant interest from various domestic entities, particularly owner-occupiers attracted by the property’s advantageous features such as ample parking space and an existing tenanted law firm.

This two-storey building, strategically positioned opposite the Gabba stadium, attracted five formal bids from a mix of owner-occupiers, passive investors, and those seeking value-add opportunities. The successful buyer, a private enterprise in the service sector, aimed to expand its operations and establish a presence in the evolving Woolloongabba precinct.

While the Gabba stadium may have lost its spotlight in the Olympic plans, the area’s allure continues to grow, as highlighted by JLL’s Harry Borger. He emphasized the positive market sentiment and escalating demand, particularly from owner-occupiers and investors eyeing value-enhancing prospects. Tim Jones emphasized the area’s connectivity as a major draw for buyers, citing the Cross River Rail project as a pivotal factor that will enhance accessibility from the Gabba to central Brisbane and beyond, effectively extending the CBD’s reach.

The ongoing development projects in the precinct are expected to further elevate deal volumes and property prices, underlining the area’s transformation and attractiveness to investors. As Woolloongabba evolves into a more connected and accessible hub, it is poised to become an extension of the central business district, offering a blend of commercial opportunities and lifestyle amenities.

The sale of ‘Gabba HQ’ not only signifies a significant transaction in the Woolloongabba commercial property market but also serves as a testament to the area’s enduring appeal and growth prospects. With a focus on evolving infrastructure and enhanced connectivity, Woolloongabba continues to position itself as a sought-after destination for investors and businesses looking to capitalize on its burgeoning potential.