29/05/09 - Low Interest Rates Lift Sub-$3m Sector
Courier Mail Prime Site - 29/05/2009
Industrial properties on the market for under $3 million are being snapped by owner-occupiers around Brisbane.
In one of the latest deals, a facility on a 4,779sqm parcel of land at 54 Armada Street, Banyo, has sold for $2.8 million.
The property comprises two freestanding tilt panel buildings totaling 2,087sqm.
Lawrence Temple of Raine & Horne Commercial negotiated the sale.
"The sub $3 million market is on absolute fire at the moment. With low interest rates the price bracket had become relatively affordable entry into the market for owner-occupiers and a cheaper option than renting."
The Banyo property settled last week after initially going under the hammer and being passed in for $2.6 million. It attracted spirited bidding from six parties and post auction negotiations secured the deal at $2.8 million on a cash unconditional basis.
Mr Temple said the undisclosed Sydney-based owner-occupier purchased the property due to its proximity to Brisbane Airport, The Gateway Motorway and the CBD.
He said the buyer was relocating an automative refitting business into the premises.
"It was a hand in glove fit for what they were after. They already had existing premises in Brisbane but because of the amount of work on their books they've had to upsize their facility."
Mr Temple said that although the property had attracted a strong level of inquiry during the marketing campaign, the successful purchaser was sourced by direct canvassing. The facility features a Telstra tower netting income of $13,891.50 a year.
For further information, contact Marketing Agent Lawrence Temple on 0423 591 534