Inside running helps investors beat developers to Brisbane office
A group of savvy private investors has nabbed an inner-city gem in Brisbane’s CBD for $3.08 million.
The three-storey commercial property located at 107 Quay St boasts 1106sqm of floorspace, parking for 20 vehicles and is within walking distance of the CBD.
The central location and future development potential helped garner strong interest from the market.
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Despite 50 enquiries and multiple offers, it was a private syndicate with a connection to the current tenant Cater Care that snapped up the popular site, ahead of developers.
“This transaction is a prime example of the opportunity that currently exists for owner-occupiers to enter the market, with developers keeping quiet after the banks have tightened on lending with concerns around the current and upcoming supply of apartments in Brisbane’s inner city,” says Savills’ Nick Russell.
Fellow Savills broker Jack Morrison, who sold the property jointly with Shane Sax of Pace Property, says location was a key factor fuelling market interest.