Australian Unity Acquires The York, Boosting Beenleigh’s Commercial Landscape

Australian Unity has made a significant purchase in suburban Brisbane, acquiring The York, a seven-story office building in Beenleigh for $33.5 million. This marks the first major commercial property acquisition in the area since 2011. The building is set to be completed next month and boasts 4009 square meters of A-grade office space, all leased to the Logan City Council for a decade with additional options. The property also features ground-level retail space and SOHO apartments, along with a double-storey car park.

The purchase aligns with Australian Unity Investment Real Estate Limited’s strategy of acquiring commercial real estate that offers long-term income certainty with minimal capital expenditure requirements. The acquisition of The York comes after the sale of another property in Brisbane and is part of Australian Unity Office Fund’s ongoing asset management strategy. The company is also exploring potential mergers with other property funds to further enhance its portfolio.

The York’s construction began in May last year, with a unique design that includes cascading greenery on the facade and winter gardens. This development signifies Beenleigh’s emergence as a key commercial hub, providing a boost to the local economy and business landscape. The property’s location within a government hub, close to various offices and amenities, enhances its appeal and growth potential. The sale of The York underscores the area’s attractiveness for commercial tenants, with sustainable income growth expected in the future.

Beenleigh’s strategic position between Brisbane and the Gold Coast, coupled with planned transportation improvements, makes it an attractive investment destination. The area is expected to experience significant population and economic growth, outperforming other regions in South East Queensland. The government’s endorsement of Beenleigh as a preferred location for services further enhances its commercial viability. The York’s integration with the Beenleigh Town Centre Master Plan and the outcomes from the 2017 Beenleigh Summit demonstrate a commitment to unlocking the area’s economic potential.

The purchase of The York by Australian Unity signifies a positive step towards revitalizing the Beenleigh business community and creating a vibrant commercial precinct. The property’s design encourages business diversity and offers opportunities for local businesses to thrive. With an eye on long-term growth and sustainability, Australian Unity’s acquisition of The York reflects a strategic investment in a burgeoning market poised for further development and prosperity.