08/03/2013 - Super Deal Creates A New Head Office

A two-level, half-vacant office building in Brisbane’s outer north has been snapped up for $2.05 million, reflecting an emerging trend of owner occupiers eyeing off partially occupied, income-producing assets.

The property at 401 Gympie Rd, Strathpine, has been purchased by a superannuation entity linked to Ablecare, a disability support services provider. Raine & Horne Commercial’s Trent Bruce, who negotiated the sale with colleague Tim Jones, said Ablecare planned to use the building’s vacant space for its new head office.

Of the property’s 924sqm of net lettable area, it will occupy about 500sqm on the first level as well as small ground floor space for a reception area.

Mr Bruce said Ablecare was initially looking for premises to lease but when it was shown the Gympie Rd property it jumped at the opportunity to become an owner-occupier.

‘‘It just made sense for them to purchase and owner-occupy,’’ he said. ‘‘That’s something that has become more prevalent over the past three to six months.

‘‘We’re definitely seeing a lot more activity in that area with the low interest rate environment and confidence slowly but surely creeping back into the market.’’

The Strathpine office building sits on a 2,023sqm parcel and also features 30 onsite car parking bays. It was sold with three existing tenants in place on the ground floor generating a rental income of about $100,000 a year.

‘‘It was pretty good buying. You wouldn’t be able to build something like that anymore for that price,’’ Mr Bruce said.

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Mr Jones said it was just a case of ‘‘the right property for the right buyer at the right time’’. ‘‘Partially tenanted assets with large vacancies are not usually viewed as attractive propositions but this one just suited the buyer’s requirements perfectly,’’ he said.