investLogan, in partnership with Alder Developments, has announced Beenleigh’s new mixed-use precinct, The York has sold to Australian Unity Investment Real Estate Limited (AUIREL) for a record $33.52 million. The seven-storey project consists of 4,660sqm of commercial space including four SoHo apartments, a ground floor retail space, and a dual-level underground car park.
investLogan Chair Steve Greenwood said The York was purpose-built to drive economic growth within Logan’s key business centres and the sale of the project signified the next stage in the evolution of Beenleigh.
“Since its inception, The York has been a hugely exciting project for our local community with 100 jobs created during its construction phase with a further 140 full-time jobs created upon its completion,” said Mr Greenwood.
“This project provides a rare fusion of commercial, retail, and residential opportunities and will be instrumental in the revitalisation of the Beenleigh business community by creating a vibrant commercial precinct designed for local business to prosper. These incredibly positive outcomes deliver on the vision of investLogan; and reflect the leadership and commitment of its shareholder, Logan City Council, to driving economic growth across the city.”
Alder Developments general manager Greg Tupicoff said the sale of The York cemented Beenleigh as a key commercial hub for the district. “As an A-grade commercial tower, The York is the first of its kind for Beenleigh and will act as a signpost in the suburb’s growth as a prosperous and well-positioned business hub and commercial landmark between Brisbane and the Gold Coast,” said Mr Tupicoff.
“The very nature of this project’s unique design encourages business diversity and will in turn foster a thriving commercial landscape where the local economy will be encouraged to grow.”
The sale was negotiated by CBRE agents Jack Morrison and Peter Chapple who said with a Government tenant secured for a long-term lease, The York provided a unique investment opportunity for Australian Unity.
“The York offers excellent income security, underpinned by a 10 year government lease over the entire office component of the asset, which was pre-committed to the project by the development JV,” said Mr Morrison.
This government endorsement of the location continues to move the Beenleigh precinct forward, driving foot traffic with more than 250 staff expected to work in the dedicated office space. A huge benefit to the retail tenants located within the project.”
The York builds on the overall aims of the Beenleigh Town Centre Master Plan and includes outcomes from the Beenleigh Summit from 2017 – an initiative that focused on unlocking the economic potential of Beenleigh.
Located at 96-98 York Street, the mixed-use project is designed by Conrad Gargett is set to reach completion in August 2021. It is being built by Alder Constructions in partnership with investLogan and Alder Developments.
Published Gold Coast Bulletin and Courier Mail // 23 July 2021