Property outlook for Brisbane Airport
BNE Property General Manager John Tormey spoke at a Royal Institution of Chartered Surveyors (RICS) lunch today; giving an overview of the property plans for Brisbane Airport.
Mr Tormey shared the airport’s land development strategy and current projects.
“Brisbane Airport is Australia’s largest by land size at 2,700 hectares,” he said, “With around 500 hectares of land for future property development, we are looking to bring further critical mass to the airport in a strategic, master planned environment.”
“The site’s size and flexibility presents a number of opportunities for retail, commercial and industrial projects,” he said.
“We are also thinking outside of the box at other types of land uses like the Auto Mall, which have the potential to transform a large site into an innovative destination.”
Mr Tormey said the precinct’s commercial office vacancy has remained the lowest in Australia amid record high vacancies in the CBD.
“Our vacancy is sitting at just 2.9 per cent,” Mr Tormey said, “We have around 80,000 sqm of office space, which is similar in size to Toowong.”
He said Skygate will continue to be the focus for future office developments.
“Skygate will continue to grow as a commercial hub due to its great accessibility and amenity,” he said.
The $30 million expansion at Skygate is nearing completion, including 30 new DFO stores, office, alfresco dining and a four level car park.
Mr Tormey, who is a Fellow RICS member, also presented RICS QLD Chair Tony Boyd (pictured above) with his fellowship certificate.
RICS is a professional body established in the UK by Royal Charter that promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure..