20/07/2012 - Parcel Snapped Up

AN INDUSTRIAL development site at Pinkenba, near the airport precinct, has been snapped up for $1.4 million.

Bounded by Lomandra Drive, Main Myrtletown Rd and Boggy Creek, the 3.13ha development site was bought by a joint venture. ‘‘There was initially an option to purchase and under due diligence the (initial buyer) formed a joint venture,’’ said Raine & Horne Commercial’s Phil Heggie who struck the deal.

‘‘They have no immediate plans to build but they do have plans to partially clear it and convert it to hardstand.

‘‘The bloke who initiated the purchase has a hardstand business where he hires out space for storage of caravans and boats etc.’’

According to RP Data the property was owned by Magdalena Riesser-Steffens, managing director of environmental consultants EGC. She bought it in 1999 for $130,000. Mr Heggie said the property had been ‘‘on and off’’ the market for years.

‘‘There was steady interest mainly from local people and even adjoining owners,’’ he said.

‘‘These guys see it as a strategic long-term hold and are taking advantage of a subdued market.’’