Unforgettable converted Brisbane warehouse sold for $2.7m

Not even a global pandemic could stop the sale of a rare converted Brisbane warehouse, which has sold cash unconditional for $2.7 million.

The property at 18-20 Bailey St, West End has eight bedrooms, five-bathrooms, and sits on a 861sqm block.

Adam Nobel, selling agent for Hugo Alexander Property Group, says the multi-level warehouse, which was once a church, has dual street access and a full internal fit-out.

Snapped up by a Toowoomba buyer, the property has more than 10 offices, two kitchens, nine toilets, state-of-the-art audiovisual equipment, a 200-plus seat auditorium and is airconditioned throughout.

The property at 18-20 Bailey Street, West End.

With the coronavirus pandemic up-ending life for many Australians, Nobel says the sale is good news for the real estate market.

“It goes to show there’s plenty of cash buyers around and that great prices can still be achieved for sellers,” Nobel says.

“The sale has proved there is confidence in the Brisbane market and although there is some uncertainty, we can be pretty certain that Brisbane is a great place and lots of money is being spent on infrastructure to make it even better.”

Inside 18-20 Bailey Street, West End.

Nobel says the neighbouring property sold in a “better market” in 2016 for $2.65 million.

“To get $2.7 million is an excellent result,” he says.

Nobel says the new owner is considering transforming the site into a high-end medical centre.

The auditorium at 18-20 Bailey Street, West End.

“For now they will leave it as is, and let it as a commercial tenancy,” he says.

“There have been lots of inquiries about it being a function centre through to a really trendy and unique workspace for commercial offices.”

The site is zoned high density residential (permitting construction of up to eight storeys).

This article from the Courier Mail originally appeared as “Coronavirus real estate: Rare Brisbane inner-city converted warehouse sells for $2.7m cash unconditional”.