Alceon Group has acquired a prominent office building at 28 McGregor Street for $64 million from Charter Hall in a deal that highlights the suburb’s growing appeal to large-scale investors.
The six-story building, a familiar landmark in Upper Mount Gravatt since its construction in 1992, has been home to the Australian Taxation Office (ATO) for over three decades. The ATO continues to be the majority tenant.
Spanning 14,286 square meters and offering 405 car parking spaces, the building is a substantial commercial asset for the suburb. The property’s last refurbishment in 2018 has helped maintain its appeal to both tenants and investors.
Approximately 3,200 square meters of the building is currently vacant, and there are existing permit-ready plans for 179 apartments in two towers. This mixed-use potential could significantly impact the local skyline and contribute to the evolving urban landscape of Upper Mount Gravatt.
The sale price of $64 million, which aligns with the property’s book value, reflects the strong commercial real estate market in Upper Mount Gravatt. It also indicates investor confidence in the suburb’s future growth and development potential.
The project involves the construction of a new section of road between Pickworth Street and Kessels Road to connect Player Street to MacGregor Street.
Traffic Conditions in Upper Mount Gravatt
According to Councillor Steven Huang of MacGregor Ward, the Player Street Connection will significantly improve traffic flow on Kessels Road. The project will also improve access to streets off Cremin Street.
“These streets house hundreds of families, as well as provide an access point to the Upper Mount Gravatt State School,” Cr Huang said.
Kessels Road and Cremin Street Intersection Photo credit: Google Street View
According to a Council report, access to the residential area north of Kessels Road via Cremin Street is currently limited. The area is less accessible because the right turn into Cremin Street from Kessels Road is prohibited in morning and afternoon peak periods.
The location also has a significant crash history with a total of 24 crashes recorded on site between 2007 and 2011.
As of now, signals at the intersection of Kessels Road and Cremin Street currently provide access to the local area. However, these traffic signals are located too close to the Logan Road intersection with Kessels Road. This causes congestion and safety concerns for motorists and pedestrians.
Upper Mount Gravatt Player Street Connection Plans
Plans for the Player Street Connection involve the acquisition of four properties to allow the extension of Player Street to Kessels Road.
654 Kessels Road, Upper Mount Gravatt Photo credit: Google Street View
Council will resume properties at 652 and 654 Kessels Road as well as 8 and 10 Pickworth Street. Because of this, the owners of 8 Pickworth St and 652 Kessels Road have lodged objections to the resumption of their property.
Another part of the plan is the removal of traffic lights at the intersection of Kessels Road and Cremin Street. Access to the street will also be modified to left-in and left-out turns only and a median strip will be built on the road.
