Melbourne‑based Unified Property Group has completed the sale of its first Brisbane investment, a large‑format retail complex at 3 Montpelier Road, Newstead.
Sale price and financial profile
The property, which sits on the Newstead‑Bowen Hills‑Fortitude Valley border, was sold to a Queensland private investor for $27.5 million. The transaction reflects a net passing yield of 4.63 percent, according to the listing agents.
With six tenants, the centre generates an annual rent of $1,272,936. The leased area totals 3,393 sqm of retail and showroom space, anchored by Beaumont Tiles and Highgrove Bathrooms. The weighted average lease expiry is 3.48 years, and leases include guaranteed annual rent increases.
All tenancies contain 12‑month demolition clauses, allowing for redevelopment if a new building is proposed. The site is zoned Mixed Use 1, permitting a five‑storey structure, and council has indicated that additional height could be approved through a performance‑based planning outcome.
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Location, traffic and market context
The Montpelier Road block lies three kilometres from Brisbane’s central business district and is adjacent to a corridor experiencing higher density development. Agents noted that more than 400,000 vehicles pass the site each week, showing its visibility.
Newstead is recognised as Brisbane’s leading luxury‑apartment precinct, with unit prices exceeding $2 million as supply remains tight. Recent activity in the area includes a Flinders Street car park flipped for $40 million and a $60 million purchase of three nearby sites by investor Pedro Pikos.
The sale follows a $3 million renovation carried out by Marquette Properties, the asset and development manager that originally owned the site.
From a broader perspective, the transaction illustrates how investors from higher‑cost markets, such as Melbourne, are seeking opportunities in Queensland where price growth has been more moderate. The modest yield suggests confidence in the asset’s income stability while leaving room for value creation through potential redevelopment.
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Justin Clarkson, the former CBRE director who now leads Unified, has roughly two decades of experience in commercial property. After leaving the agency, he founded Clarkson Commercial in 2016 before merging it with Unified Property Group, which now handles both development and investment.
Ray White’s Lachlan O’Keeffe and Tony Williams, together with MP Commercial’s Peter Court, handled the listing. They highlighted the ongoing redevelopment of neighboring precincts as evidence of a clear trend toward increased density within the inner‑city corridor.
While the sale price aligns with recent high‑value transactions in Newstead, the presence of demolition clauses means the new owner could soon pursue a taller building, especially given the council’s openness to performance‑based outcomes. The site’s mixed‑use zoning supports such a shift, potentially adding residential units that cater to the suburb’s luxury market.
Unified’s exit marks its first Brisbane disposition after acquiring the 5,141 sqm Montpelier Road holding as its maiden entry into the Queensland market.
