Star buys building opposite Brisbane Showgrounds
The Huang family’s Star Millennium has snapped up a prominent property opposite Brisbane or the RNA Showgrounds – set to play a major part in the Brisbane 2032 Olympics.
Also across the road from the proposed athlete’s village, the historic Ardrossan Hall at 33 Brookes Street, Bowen Hills, set it back $4.052 million ex-GST.
Lady Gowrie was the seller; it paid $2.7m in 2016.
It is the second not for profit to sell an asset in the city this month; the other was Diabetes Australia.
Bowen Hills is about two kilometres north of the CBD.
Ardrossan Hall
On 559 square metres at the corner of Gregory Terrace, the c1882 building has been extended and repurposed as an office.
There is 706 sqm of lettable area capturing CBD views over the showgrounds.
The historic building has original fireplaces, timber staircases and windows. The extension has floor to ceiling glass windows and balconies. The rooftop is activated as an entertainment terrace.
There are also 12 undercover car parks and end of trip facilities.
Also known as RGM House, the property has previously been a private residence and boarding house.
“The sale underscores growing confidence in Bowen Hills, where major infrastructure and placemaking projects linked to the Brisbane 2032 Olympics and Paralympic Games are expected to reshape the suburb into a premier commercial and lifestyle precinct,” Colliers’ Hunter Higgins who brokered the deal with Brendan Hogan and Gallus Partners’ John Shepherd, said (continues below).
“With Brisbane entering a critical phase of Olympic preparation, buyers are becoming increasingly strategic about securing premium assets in suburbs that will directly benefit from billions of dollars in infrastructure and urban renewal,” he added.
“The property drew significant interest from investors and owner-occupiers attracted to its unique blend of heritage character, development flexibility and prime Olympic-adjacent positioning…we fielded over 110 enquiries from interested parties,” according to the executive.
In the suburb’s Priority Development Area, zoned Mixed Use, near the proposed Olympic Village, it could be repurposed for retail, health, medical, community, or residential use.
Hub of activity
Star Millennium is expected to redevelop Ardrossan Hall, also known as RGM House, as a hotel.
“The Brisbane Showgrounds precinct is set to become one of the most activated and connected parts of the city over the next decade, with the future Athletes’ Village, upgraded main arena and broader transport improvements driving enormous confidence,” Mr Hogan said.
“We saw strong interest from groups who recognised not only the immediate appeal of the building itself, but the significant upside attached to owning a landmark site within the Bowen Hills Priority Development Area,” according to the executive.
Mr Shepherd added: “properties like Ardrossan Hall are incredibly tightly held because they offer something the market simply can’t replicate, authentic character, historical significance and a commanding presence in a location undergoing extraordinary transformation”.
“There’s a growing appreciation from buyers for buildings that tell a story and create a sense of identity, particularly when they’re paired with functional, modern accommodation and this drove a highly competitive campaign,” he said.
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