Brisbane couple score $7.4m sale as demand hits industrial strength
A Brisbane couple that couldn’t find a buyer for their two storey warehouse for years, relisted targeting owner occupiers and investors sealing a whopping $7.425m deal in 37 days.
The couple’s vacant commercial building at 14 Ross Street, Newstead, is in one of the hottest lifestyle strips in Brisbane where major changes are afoot to boost liveability.
They had paid $2.888m for the site in 2009, according to CoreLogic records, walking off with a $4.536m gain on the property in the dozen years they’ve held it.
Industrial sites are facing increasing pressure in hot inner city lifestyle suburbs where buyers are hungry for land for residential or mixed use development.
Ray White Commercial Queensland agent Tom Barr had the property go through a month-long expressions of interest campaign, with CoreLogic showing a deal sealed on December 14.
“We conducted a formal marketing campaign and offered the property for sale by way of an Expressions of Interest (EOI) process which closed on December 8,” he said in a statement. “The sale campaign attracted over 100 buyer enquiries and very strong bidding from both owner occupiers and investors.”
“The $7,425,000 (inc GST) sale price reflects a capital value of $6,188 per square metre GFA and a site rate of $8,935 square metres land.”
The building currently has 1,200sq m of commercial space with secure onsite carparking for 16 bays. It’s 400m from one of Brisbane’s four major train stations – Bowen Hills – and 600m from the river.
Newstead is just 2.5km from the CBD, surrounded by some of Brisbane’s most expensive suburbs, and bordered by the Brisbane River and the Fortitude Valley entertainment precinct.
The 14 Ross Street property is on the same street as the new Mercedes-Benz Lifestyle Precinct which is just 300m away, as well as the new Bunnings development.
Mr Barr said the property had two street frontage of 40 metres to Ross Street and Wickham Grove, allowing “huge potential for future development and capital growth”.
He said it was a booming precinct that was set to benefit from the new Newstead North Neighbourhood Plan, the recently-completed Kingsford Smith Drive Upgrade Project, the new $67m Breakfast Creek Green Bridge (completion 2023), and the soon to be developed $300m Breakfast Creek Quarter project.