06/06/14 - Numbers Add up for Auctions
A historic police station was one in a bundle of diverse properties recently sold under
the hammer for almost$7 million.
Raine & Horne Commercial Brisbane North principal Trent Bruce said 30 registered bidders jostled for the seven properties, of which five sold under the hammer and another went under contract before the auction.
“There is definitely more activity and interest now across the board,” he said.
“We’re finding things that may not have sold this time last year have a greater chance of selling in today’s market.
“Savvy investors have identified this opportunity and have been driving hard to pick up some commercial assets, which explains the strong numbers at our recent auctions”.
”The properties sold were:
● 1/12 Navigator Place,
Hendra (vacant 296sq m
office) – $600,000
● 461 Gympie Rd, Kedron
(vacant 140sq m retail office) –
● 594 Old Gympie Rd,
Narangba (7122sq m with
tenanted 1341sq m building) –
● 157 Holt St, Pinkenba
(14,910sq m tenanted leasehold
site) – $1.5 million
● 334 Enoggera Rd, Newmarket
(vacant 1765sq m former
police station) –
● 9-10/34 Campbell St,
Bowen Hills (tenanted
500sq m retail/showroom/office)
– under contract
Mr Bruce said the auction proved that a cross-section of properties could still be sold
under the hammer.
“There is a perception out there that it has to be a blue-chip fully leased investment to be able to achieve a top outcome but we have proved otherwise,” he said.
“The reality is that if a property is marketed correctly and owners are prepared to meet their market, then sales are happening.”
Source: The Courier Mail, 06 June 2014