Landmark Koala House on Block in Brisbane

Australia’s love of ‘big things’—from bananas to pineapples and merinos to prawns—is well documented.

In Brisbane, a CBD property with a ‘big thing’ has come to market in one of the more unusual commercial offerings of recent times.

On the block is Koala House, at the corner of Adelaide and Creek streets, which, as the name suggests, sports a large koala mother and joey on the roof.

The property is being marketed by JLL on behalf of its owner, a private Melbourne investor who bought it in 2010.

Thanks to said koalas, the property is well-known in the city, and are believed to have been added to the building when Darrell James’ Duty Free store opened in the 1980s.

The prime site is already drawing interest as its four-week expressions-of-interest campaign gets under way, according to the agents.

JLL director, metropolitan sales and investments in Queensland Tim Jones, said Koala House was “a rare opportunity for non-institutional buyers in the city”.

▲ It is believed the koalas were added to the property in the 1980s when a duty-free store opened in the premises.

“Private high-net-wealth investors are often looking to buy into the CBD, however, the biggest challenge they face is that the majority of CBD assets that come to market are 10, 20 or 30-storey towers,” he said.

“These institutional-grade assets are typically out of reach for most private buyers, whereas Koala House is a much more affordable, entry-level CBD asset.

“Because of this, we’re expecting a fairly intensive campaign.”

JLL associate director, retail investments Australia Ned McKendry said the property’s prime position was a strong drawcard, with Creek Street a key connector between the transit hub at Central Station and the Golden Triangle bordered by Eagle, Queen and Edward streets.

Its consistent leasing history further strengthened the appeal, with income in excess of $400,000 a year and multiple tenants locked in long-term, he said.

“Oshin Japanese restaurant, which is one of the city’s best not-so-secret hidden gems, has called the building home for 36 years, and is currently leased through to 2026,” McKendry said.

Another food outlet is downstairs, Fishbowl, which completed a full fitout as part of a lease that runs through until 2033, while a QMS Media digital billboard on the roof—above those koalas—is leased until 2029.

The campaign is due to close at 4pm on Thursday, March 14.

▲ Inside Frasers’ newest facility at its Vantage Yatala precinct.

Meanwhile, south of Brisbane, Frasers Property Industrial has opened its fourth state-of-the-art facility at its 65ha next-gen industrial and logistics estate, Vantage Yatala.

The 34,880sq m facility has been designed to “drive warehouse and distribution efficiencies, with 33 roller shutter doors, a 22m cantilevered awning and inbuilt forklift and machine technology and programming to enable seamless supply of products,” according to Frasers.

The site will service Primary Connect’s customer, Endeavour Group, and supply more than 600 BWS, Dan Murphy’s and ALH venues between northern NSW and Far North Queensland.

Facilities for National Tiles, Goodyear, and PFG Australia have already been completed at Vantage Yatala, which is Frasers Property Industrial’s first premium estate in Queensland.

Once complete, the premium estate will include an open parkland reserve of more than 2ha, a 3km walking path and bike track, two outdoor gyms, outdoor barbecues, sheltered areas, and a full-sized basketball court.