Bloomberg buys into Newstead

Bloomberg Incorporation Limited has picked up a low-rise mixed-use building at Newstead’s Gasworks precinct, in Brisbane’s inner north east.

At 1 Breakfast Creek Road, on the north east corner of Longland, the five level complex contains 6064 square metres of office area and 870 sqm of retail.

Based on the fully let net income, the $55 million purchase price reflects a 6.6 per cent yield.

The 5961 sqm block was marketed for its development potential – with a short Weighted Average Lease Expiry of 3.8 years.

The zoning also allows for a 25 storey complex with a high car park ration, of 1:47 sqm (story continues below).

Cushman & Wakefield’s Jonathan O’Brien, Mike Court, Peter Court and Frederic Le Fanue with CBRE’s Bruce Baker, Jack Morrison and Adelaide O’Brien represented the vendor, a Gold Coast private investor.

Last August, Frasers Property Australia outlaid $16.5m to buy a Newstead building block – spreading 3016 sqm, at the corner of Chester and Moore streets.

RF Corval also holds an investment in the suburb – an office, for which it paid $20.5m, again last year. Last week that fund manager outlaid $46.5m for the modern, five storey, 5040 sqm Chevron headquarters, at Hamilton – about two kilometres east of Newstead.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of