A prime commercial property in Woolloongabba, Brisbane, has changed hands for a significant $7.2 million. The property, known as ‘Gabba HQ’ and located at 32 Logan Road, was sold by real estate agency JLL. Despite the shelving of plans to demolish the Gabba stadium for the 2032 Olympics and Paralympics, the commercial property market in the area remains robust.
Harry Borger, Associate Director of Metro Sales & Investments Queensland at JLL, noted a surge in transactions in Woolloongabba over the past year compared to the inner-city market. The sale of ‘Gabba HQ’ reflects this trend, with the two-storey property attracting strong interest during an Expressions of Interest campaign. The property’s proximity to the Gabba stadium, ample parking spaces, and existing tenancy made it an attractive investment.
The sale drew attention mainly from local buyers, including owner-occupiers and investors seeking value-add opportunities. Five formal bids were submitted, culminating in the purchase by a private buyer looking to expand their business in the evolving precinct. Tim Jones, Director and Head of Metropolitan Sales & Investments at JLL Queensland, emphasized the area’s appeal and connectivity as key drivers of demand.
He highlighted the significance of the Cross River Rail project in enhancing accessibility to Woolloongabba and its surroundings, creating seamless links to Brisbane’s central business district and lifestyle amenities. Despite the change in plans for the Gabba stadium, the precinct continues to attract interest from various market players, signaling a positive outlook for future developments.
Industry experts predict a continued escalation in deal volumes and prices in Woolloongabba, fueled by ongoing transformations in the area. The evolving landscape, bolstered by infrastructure improvements and connectivity enhancements, is expected to draw further investment and interest from both local and interstate buyers.
As the commercial property market in Woolloongabba strengthens, the sale of ‘Gabba HQ’ for $7.2 million underscores the area’s growing appeal and potential for future growth. With demand on the rise and a focus on connectivity and accessibility, the precinct is poised for further development and investment opportunities in the coming years.
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