BANKING ON DEVELOPMENT 11-03-16
A RETAIL strip ripe for redevelopment along Gympie Rd at Chermside, on Brisbane’s northside, has changed hands in a $3.5 million deal.
The prime corner holding spanning 2145sqm has been snapped up by a Brisbane based private syndicate.
It comprises five amalgamated lots at 761-773 Gympie Rd and 8 Hall St, featuring five shops and a house used for storage space, a photography studio and a residence.
The property has a combined net lettable area of 791sqm and 41m frontage to Gympie Rd and 47m to Hall St.
“But the real value is in the land,” said Raine & Horne Commercial’s Hudson Dale, who negotiated the deal with colleague Trent Bruce.
“Because of the nature of the existing buildings it’s not a yield play at all. It’s a land bank.
The future intention is to redevelop.” About 40 inquiries were fielded from a mix of developers and investors during the expressions of interest campaign, resulting in a handful of offers.
Mr Bruce said the high-profile location had a mixed-use zoning and, being more than 2000sqm, could be redeveloped up to 12 storeys.
“Rarely do sites on Gympie Rd with five consolidated lots become available,” he said.
“But we’ll definitely see an increasing level of redevelopment in the precinct in the future, especially around Chermside.”
The site also features dual entry/exit points on to both thoroughfares, exposure to more than 75,000 passing vehicles daily as well as ample on-site parking.
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