The landmark 8,942 sqm* site at 803 Creek Road, Carindale has been tightly held for more than two decades and is regarded as a significant landholding in Brisbane’s south. The sale underscores growing investor and developer interest in large-format fitness assets with substantial underlying land value.
As one of the largest single-tenanted gym transactions ever recorded in Queensland, the deal reflects a land rate of approximately $2,516 per sqm and an initial yield of 6.37 per cent.
The property is leased to Goodlife Health Clubs under a 25-year lease, with the current term due to expire in 2031, providing the purchaser with an established income stream from one of Australia’s best-known fitness operators.
Sold through Sam Polichronis of Cushman & Wakefield on behalf of an interstate private investor, the property comprises approximately 3,600 sqm* of net lettable area and 173* car parks.
Nick Stevens of Benstead Holdaway said the property’s location and underlying fundamentals were key to the acquisition.
“We were delighted to secure this substantial landholding in a thriving inner-Brisbane location, supported by established tenants and quality improvements. We see excellent potential to build on those foundations and reinvigorate this important asset for the local community.”
Sam Polichronis of Cushman & Wakefield said the transaction demonstrated the depth of demand for well-located, income-producing assets with strong underlying land value.
“This was a genuinely significant transaction for the Queensland fitness and investment property markets. The combination of a substantial Brisbane site, a nationally recognised tenant, long-term income and significant underlying land value generated strong interest from investors and developers.
“The sale also highlights the changing profile of the fitness sector, where large clubs have evolved from relatively specialised commercial properties into sizeable investment-grade assets” he said.
Mr Polichronis said the transaction represented one of the largest single-tenanted gym sales in Queensland.
“For Brisbane's commercial property market, this result is another example of investors looking beyond traditional office and industrial assets for opportunities combining reliable rental income with substantial underlying land value.
