Micah Projects Acquires South Brisbane Office Building for New Community Services Hub

Not-for-profit organisation Micah Projects has secured a prominent office building in South Brisbane for $9,500,854 to support its community services operations.  

CBRE's Nick Wedge and Jack Morrison coordinated the sale of the 6 Cordelia Street building in conjunction with Chesters Real Estate's Tim Jones. The property was sold with vacant possession by longstanding owner-occupier APNIC following nearly 17 years of occupancy.

Located less than 1km from the Brisbane CBD, the property comprises a 911sqm freehold site with a 1,159sqm office building and 20 on-site car parks in the heart of South Brisbane's rapidly evolving commercial and lifestyle precinct.

The sale reflected a building rate of approximately $8,197 per sqm of net lettable area and a site rate of approximately $10,429 per sqm.

CBRE Capital Markets Director Nick Wedge said opportunities to acquire standalone buildings with vacant possession in a tightly held precinct such as South Brisbane were exceptionally rare.

“The sale of 6 Cordelia Street demonstrates the strength of owner-occupier demand for quality office assets in Brisbane's inner-city fringe markets. The property's combination of high-quality improvements, generous parking provision and proximity to Brisbane's CBD, South Bank and major transport infrastructure generated strong interest from a diverse range of buyers,” Mr Wedge noted.

The property was previously occupied by APNIC, the Regional Internet Registry responsible for the administration and management of Internet number resources—including IP addresses—in the Asia Pacific region. After almost two decades, APNIC elected to divest the asset as part of its evolving operational requirements.

Micah Projects plans to use the property to deliver free health and social support services for the community. The acquisition aligns with the organisation's mission of creating justice and responding to injustice through support and advocacy services to individuals and families.

Micah Projects Acting CEO Bridget Kinch said; “For more than 30 years, Micah Projects has been committed to supporting people experiencing adversity, exclusion, and injustice in our community. This development is guided by a clear vision: to create a welcoming, inclusive place where people can access care, support, and connection with dignity and respect”.

Chesters Real Estate’s Mr Jones said the transaction also reflected the growing appeal of South Brisbane as a destination for owner-occupiers seeking access to exceptional amenity and connectivity.

“South Brisbane continues to attract organisations that value proximity to the CBD while benefiting from the lifestyle, cultural and transport infrastructure that has transformed the precinct over recent years,” Mr Jones said.

“With limited supply of freestanding assets, we expect owner-occupier demand to remain a key driver of activity within the market.”