Phins up in Milton as rugby league sponsor buys near Suncorp Stadium

BRISBANE, 7 March 2023 – It’s ‘phins up’ time in the heart of Milton after a major sponsor of The Dolphins NRL club swooped on a 553sqm property a stone’s throw from Suncorp Stadium.

In a deal brokered by Sam Richards and Tim Jones from JLL Metropolitan Sales and Investments, the company behind North Harbour paid $2.85 million for 2/11 Parkview St, a two-storey flood-free warehouse sitting one street back from the iconic sporting venue.

North Harbour Development Manager Tom Hall-Brown said accessibility was a key contributor to the appeal of the property, one of three in a strata complex.

“When you look at the position, Milton marries a central location with proximity to arterials heading north, east, south and west across the city,” he said.

The lure of location was further spotlighted by Mr Richards, who noted the deal – at a rate of $5154 per square metre - was done before JLL had even launched its planned Expressions of Interest campaign.

“Core near-city precincts like Milton remain in high demand, and we’re finding buyers are prepared to act quickly and decisively as opportunities arise,” he said.

“This is especially true among owner-occupiers, who are displaying a significant appetite to buy assets, rather than lease them, with a view to capitalising on growth in the market.”

Another case in point was the sale of nearby 20 Mayneview St, which was also purchased by an owner occupier who moved swiftly to finalise a deal ahead of the agents’ planned marketing campaign.

The buyer, who will use the building as an office for their family business, paid $2.09 million + GST for the 251sqm single-storey freestanding office, which had last sold for $1.365 million in 2019.

Mr Richards said the deal represented a significant rate for the area of $8327 per square metre.

“With no work to be done, and basement/underground parking for nine vehicles, this turnkey office was further enhanced by its elevated position in an area that has historically been flood-affected,” he said.

“When you look at these deals, having both transacted prior to their planned campaign launches, it shows buyers are attracted to the fundamentals of the area, such as access to public transport, a strong population base and proximity to the city, river, and retail and hospitality strips such as Caxton Street and Given Terrace.

“With the potential for further enhancement in the lead-up to the Brisbane 2032 Olympic Games we expect to see the strong demand continue.”