31/05/2013 - Options On The Table For Windsor Lab/Office Space

AN OUTER fringe office and warehouse, complete with a laboratory, have been snapped up for $1.85 million.

The two freestanding properties at 8 Cox Rd and 73 Newmarket Rd, Windsor, were sold in one line through Raine & Horne Commercial’s Elliott O’Shea and Trent Bruce.

Mr O’Shea said the owner put the corner properties on the market after the US-based Weatherford Laboratories moved to a purpose-built building at the Pine Rivers Office Park at Brendale last year.

‘‘They initially did a sale/lease campaign but nothing really came of it,’’ he said.  ‘‘We then went into a pure sale campaign with an auction and bidding went up to $1.65 million.  ‘‘There were a few interested parties after the auction and then in time we were able to find a laboratory user for the space which had a partial lab fitout already.’’

An Australian company, which was later taken over by a US firm, bought the premises. The two-level building on Cox Rd features about 500sqm of office space with about 260sqm storage while the warehouse was 405sqm.

Mr Bruce said the new owner was looking to occupy the property and perhaps use it for future  redevelopment.  ‘‘It’s on the border of the Lutwyche Neighbourhood Plan so potentially in the future we will see redevelopment there,’’ he said. ‘‘It might go residential or it might be a mixed use with a commercial/ residential use in future. ‘‘There was a DA attached for an additional 1000sqm of offices which the current owner may or may not utilise.’’