23/08/2013 - Long-Term Investment Proves A Cash Windfall
THE owner of a retail/showroom in Brisbane’s northern suburbs has almost quadrupled his money 12 years after first buying the property. In an off-market sale, an owner-occupier paid $1.71 million for the freestanding property at 747 Gympie Rd, Chermside. Raine & Horne Commercial’s Trent Bruce first sold the property in 2001 to Parolin Investments for $450,000.
“It’s proven to be a very strong investment for the vendor and further proves both the high demand and growth within the Chermside precinct,’’ he said.
The 319sq m building sits on a 1174sq m block, with parking for 15 to 17 vehicles at the rear. It was leased to Wattyl Paints for the past 12 years. Mr Bruce said the former owner notified him the Wattyl lease was nearing expiry.
“I had been asking him whether he would consider selling it for the best part of three years,’’ he said. “It all came down to the price. So I put it to three parties I had on the books. Two of them came back with offers and the right numbers came up.
“It’s a very, very tightly held precinct and when they do arise they get snapped up quickly.’’ Mr Bruce said the buyer was an owner-occupier. “In the short term I believe he will get in an and utilise it as a retail/showroom but it also has redevelopment potential,’’ he said.
Source: The Courier Mail, Primesite - 23 August 2013