04/07/2014 - Family Business Hammers out a deal for Adjoining Property
Chris Herde
An industrial property in Brisbane’s outer north, with a development upside, has sold at auction for $1.7 million.
The Miller family, which operates a neighbouring powdercoating businesses as well as nearby hardware and steel and fencing businesses, bought the 7122sq m property at 594 Old Gympie Rd, Narangba.
The property has a 1341sq m office/warehouse and has been occupied by transformer and power protection manufacturer and distributor Gayrad
since 1980. Raine & Horne Commercial’s Nick Bandiera said he fielded 20 inquiries from local and interstate investors and owner-occupiers.
“We had four registered bidders,” he said.
“Gayrad leases about 45 per cent of the site and the remainder is vacant land allowing for future development upside.
“Investors were attracted to the income and development upside while owner-occupiers could potentially build and occupy and also have that holding income.”
Mr Bandiera said the area was very tightly held with a high percentage of owner occupiers.
He said freestanding properties, with investment potential, were sought after in the area, which was why the new owners chose the site.
Source: The Courier Mail, 4th July 2014