Taiwanese group buys South Brisbane office tower for $81m, with apartment upside
Daiken Investment Australia has bought 10 Browning Street, South Brisbane, for $81 million: an A-grade office building with scope for 580–700 apartments, subject to approval.
Image: Chris Olszewski via Wikimedia Commons (CC BY-SA 4.0), cropped
Daiken Investment Australia has bought 10 Browning Street, South Brisbane, for $81 million: an A-grade office building with scope for 580–700 apartments, subject to approval.
- 10 Browning Street, South Brisbane, has sold for $81 million.
- Buyer: Daiken Investment Australia, subsidiary of Taiwan's Daiken Biomedical, in its first Australian property purchase.
- Vendor: Forza Capital, via the Forza Browning Street Fund.
- 11,181 sq m A-grade office building with 371 basement car parks on a 4,564 sq m freehold site.
- Code-assessable height limit of 30 storeys, with schemes for 580 to 700 apartments subject to approvals.
What's happening
Offshore capital has made a fresh bet on South Brisbane, with Daiken Investment Australia buying the A-grade office building at 10 Browning Street for $81 million. The buyer is the Australian arm of Taiwanese digital health group Daiken Biomedical, and the deal marks the group's first property acquisition in Australia.
The vendor was Forza Capital through its Forza Browning Street Fund. Selling agents said the campaign drew interest from domestic and offshore institutions, syndicators and private investors, with the site's long-term residential potential a key part of its appeal.
The key details
The building offers income today and a pathway to higher-density housing in future, subject to approvals.
- Price: $81 million, with the report citing a market capitalisation rate of 7.4%.
- Building: 11,181 sq m A-grade office with floorplates of up to 2,800 sq m and 371 basement car parks.
- Site: 4,564 sq m freehold.
- Upside: a code-assessable height limit of 30 storeys, with concept schemes for 580 to 700 apartments in a mixed-use development, subject to approvals.
- Agents: Colliers' Tony Wang, Sam Arkell and Marshall Smith acted for the buyer; MP Commercial's Mike Walsh and Peter Court acted for the vendor.
Timeline and next steps
The sale was reported on 14 October 2026. No redevelopment application has been announced, and any residential conversion or build-over would require planning approval. The vendor's agent noted the ability to build over the existing structure could reduce redevelopment costs, while the buyer's agent pointed to Brisbane's population growth, infrastructure spending and tightening office vacancy as supporting factors.
What it means for Gold Coast property owners and developers
The deal shows international buyers are still prepared to commit to South East Queensland at scale, drawn by population growth and the infrastructure pipeline leading into the Brisbane 2032 Games. Office buildings with a credible path to housing are attracting particular interest, which may encourage owners of older commercial assets on the Gold Coast, especially near light rail, to review their sites' residential potential.
A 7.4% capitalisation rate also reflects higher funding costs than in recent years, so buyers are pricing in risk. Any future apartment supply from this site depends on approvals and market conditions. This is general commentary, not financial advice.
Frequently asked questions
Who bought 10 Browning Street?
Daiken Investment Australia, the local subsidiary of Taiwanese digital health group Daiken Biomedical, paid $81 million.
Could the site become apartments?
Possibly. The site has a code-assessable 30-storey height limit and schemes for 580 to 700 apartments, but any redevelopment needs approval.
Who sold the building?
Forza Capital sold it through the Forza Browning Street Fund.
Source: Australian Development Review, published 14 October 2026. This article is an independent summary and commentary by GC Prestige based on the original report — read the source for full details.
Australian Development Review
Read the original article →This is an independent summary written by GC Prestige for general information. All facts are attributed to the original publisher above — please refer to the source for full details. Not financial or planning advice.
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