Red Cross office building in Milton, Brisbane on the market
Humanity Place, the home of Australian Red Cross in the Park Road dining precinct in Milton, is set to come onto the market for the first time in 15 years.
Red Cross, who have owned and occupied the building since 2004, have appointed Colliers International’s in conjunction with Knight Frank, to run a national campaign closing late November.
Partner Developments’ Matthew Berg is appointed as transaction manager.
The three-level freehold property is located on a 1,902 square metre site at 49-57 Park Road in Milton, 1.2 kilometres from Brisbane CBD.
Agents expect the three-level office building to draw national interest from developers, owner occupiers and value add investors.
They say it is one of Brisbane’s best value-add buildings in the city fringe, offering holding income from Red Cross on flexible lease back terms, prime corporate exposure with potential signage income, a 1:46 square metre car parking ratio with a total of 57 basement car parking bays, as well as the mixed-use zoning with significant development upside allowing up to eight storeys (STCA).
After owning the asset for nearly 15 years, Red Cross has determined it is time to put the asset on the market with a view to redistributing funds back into the organisation to further enhance its ongoing service to the community.
“Red Cross will reinvest the funds to move to premises in Brisbane’s CBD or CBD fringe that are both more affordable to own or lease, and better suited to the needs of the people we work with,” Red Cross CEO Judy Slatyer said.
“As community needs change, the need to operate from a particular premises changes. The sale is part of a national property masterplan that releases value from several key properties and allows us to work in locations that best serve the people who use them, from clients and volunteers to staff and partners.”
According to Colliers International research, strong tenant demand in the Milton office precinct over the first half of 2019 has resulted in record net absorption of 19,848 square metres, driving the vacancy rate down to 17.5% from a historical high of 27.9% in September 2018.
It suggests Milton is going through a major regentrification and urban renewal including the new Railway Terrace retail precinct.
There have been the recent on-market sales of fully-leased and refurbished assets at 16 Marie Street for $25.5 million and 8 Gardner Close for $25.23 million.
Milton has access to various forms of public transport, direct access to bicentennial bikeway and connectivity to north and south of the Brisbane River.
The complex features a 4.0 Stars NABERS Rating.