24/06/2011- Two-year wait was worth it

A metal fabrication company has hammered out a deal to buy a northern Brisbane property, after first inspecting it in 2009 when it was last available.

In a deal negotiated by Raine & Horne Commercial’s Lawrence Temple, Everything Metal paid $3.25 million plus GST for the double warehouse property at 54 Armada Place, Banyo.

The site has 2087sqm of industrial space, spanning two tilt concrete-panel warehouses, on a total of 4779sqm in general-zoned land.

Everything Metal director Damian Ryan said the company has leased an industrial site nearby at 351 Melton Rd, Northgate for many years.

‘It was an older-style building that couldn’t accommodate the scope of works (we) were doing’ he said.

‘We wanted to get into our own building, and we actually looked at this property when it was up for sale about 2 years ago. We weren’t in a position to buy it then but, when it came on the market this time, we were right on to it…

‘I think it may have been listed for just a day. The property was purpose built pretty much for us’

In 2009, it was sold to interests that owned electrical manufacturer Strongabuilt for $2.85 million plus GST.

Mr Temple said Strongabuilt this year put the premises up for lease or sale, after outgrowing Armada Place.

The property’s main building covers 1587sqm, including about 200sqm of office space, 8.5m-plus internal clearance, five-tonne gantry crane- running the length of the shed and air lines throughout the building, along with three-phase power.

The second building at the rear of the property has about 500sqm of warehouse space, an internal clearance of about 6m, air lines and ample three phase throughout.

Mr Temple said the other site features include an onsite power transformer, large hardstand area, access to the Gateway Motorway and Brisbane CBD, and a Telstra tower generating about $15,000 in revenue a year.

‘The northern Gateway corridor is still performing well with very low vacancy and limited opportunity for good quality buildings for sale, so when they do come up  they are snapped up very quickly,’ he said.