A syndicate including Australian cricket greats Steve Waugh, Matthew Hayden, and Adam Gilchrist has sold the Officeworks property they owned for two decades in the Brisbane suburb of Oxley for $9.5 million.
Major Sale Finalised in Oxley
The prominent freestanding retail building, located at 2247 Ipswich Road in Oxley, was purchased by a first-time Taiwanese investor. The sale price reflects a 5.38 per cent yield for the commercial property.
The sellers, who operate under the company name Skiers Delight Pty Ltd and include Peter Scott and Neil Honan, originally acquired the site in 2004 for $1.32 million and held it for 20 years before this recent divestment.
Secure Tenant Attracts Buyer
The property is located on a 2,783-square-metre site approximately 10 kilometres west of Brisbane city centre. Officeworks, a well-known subsidiary of Wesfarmers, has operated from this location for more than two decades.
The company recently showed its commitment to the site by signing a renewed seven-year lease, securing its presence until at least 2031. Further options are available that could extend its stay until 2051.
High Investor Interest
Stonebridge Property Group managed the sale through national expressions of interest campaign. The process attracted considerable attention, generating 215 enquiries from potential buyers across the country and resulting in eight formal offers being submitted. Stonebridge team members Michael Collins, Tom Moreland, Kevin Tong, and James Freemantle handled the successful sale.
Broker Insights on the Deal
Kevin Tong, Partner Asia Practice at Stonebridge Property Group, noted that the property was sold to a first-time Asian buyer through their specialised Asia Practice team. Mr Tong stated that the buyer was attracted to the reliable blue-chip tenant listed on the Australian Stock Exchange (ASX) and Officeworks’ long history of occupying the large, strategically positioned landholding.
Michael Collins, Partner at Stonebridge, commented that the property’s holding by the same owners for 20 years demonstrates the ongoing strength and reliability of large-format retail buildings leased to established tenants like Officeworks.
Mr Collins added that the significant demand during the sale process highlights how these types of assets are sought-after among high-net-worth private investors nationwide. This sale contributes to approximately $250 million in freestanding investment sales conducted by Stonebridge this year.
Published Date 06-May-2025
