30/08/2013 - Showroom Fills Requirement
Phil Bartsch
A BRISBANE orthodontic practice has taken a bite out of the inner-city commercial property market after snapping
up a property at Red Hill in a $1.35 million deal. The acquisition of the 1200sq m freestanding building at 149 Musgrave Rd by Whyte Orthodontics settled last week.
Elliott O’Shea from Raine&Horne Commercial, who negotiated the deal, said the expressions of interest campaign for the property attracted a handful of genuine buyers. “A couple of the parties looked through the property twice and in the end the right offer came along. The vendor was motivated and off we went,’’ he said.
“There’s been a few freestanders along Musgrave Rd that we’ve got under contract recently. “It seems like the interest rates are finally starting to have a bit of an effect on the market.’’
Mr O’Shea said Whyte Orthodontics had missed out on a property at 141 Musgrave Rd that sold a month earlier for $900,000. “They weren’t in the marketplace in time for that one and so when this one came up they went for it,’’ he said. “They were looking to purchase in the Red Hill/Ashgrove precinct and also had a look at surrounding suburbs like Milton as well. “But there is a lack of available freestanders for sale in the area and this one fitted the bill so they jumped on it straight away.’’
Mr O’Shea said the Musgrave Rd property had attracted a “nice mix’’ of potential buyers. But much of the interest was predominantly from owner- occupiers.
“Owner-occupiers seem to be the ones that are out there in force in the market at the moment,’’ he said.
“In regard to this property, a lot of people were also looking to partially occupy the property. “And it appealed because they also could maintain a steady income stream on the back tenancies.’’Mr O’Shea said the vendor who off-loaded the Red Hill showroom/warehouse operated party and novelty supplies business Party Domain.
“That business has more of an online focus now so the retail frontage it had was no longer necessary,’’ he said.
“He’s moving the business into similar sized, leased premises at 147 Musgrave Rd.’’
Source: The Courier Mail, 30 August 2013