22/10/2010 - Sold For $1.24m

A long established car yard on one of Brisbane's busiest roads has been snapped up under the hammer for $1.24 million.

It is one of only a handful of commercial property sales this year along the tightly held Gympie Road strip on the city's northside. 

The 850sqm property at 499 Gympie Road wasoffloaded by a Gold Coast based private investor who had owned the holding for 23 years.

It is understood the new owner is one of the major car dealerships which operate in the area.

Marketing agent Trent Bruce, of Raine & Horne Commercial, said there were seven registered bidders for the holding on auction day.

"The majority of these were car dealers but there also were a couple of developers looking at it as well," he said.

The corner parcel at 499 Gympie Road comprises mainly of bitumen hardstand but also features a small site office with kitchenette and a vehicle wash bay.

Mr Bruce said bidding for the property opened at $1.15 million.

"It was a spirited auction with four of the interested parties actively bidding on the property," he said.

"But it was the car dealers who really drove up the price."

Mr Bruce said the Gympie road strip was a tightly-held precinct where there was always a pent-up demand for commercial offerings.

"It's very seldom that holdings do come up for sale on the main northern arterial," he said.

"Over the past 12 months, only four commercial properties on Gympie Road have been transacted."

Of these sales, three were marketed and sold by Mr Bruce.

They included an office building at 794 Gympie Road, Chermside, that sold for $1.6million a few days after going to auction; a vacant block at 449 Gympie Road, Kedron, that went for $1.28million with a DA in place for a commercial office; and the lastest offering at 499 Gympie Road.

For further information contact Marketing Agent Trent Bruce on 0423 591 528