Buyer Bids Up For Deco Strip 11-08-17

PHIL BARTSCH

A HERITAGE-listed building at Albion, on Brisbane’s inner northside, has sold under the hammer.

 

The fully leased, centuryold asset at 336 Sandgate Rd has been snapped up by a private investor for $1.575 million.

 

It comprises a 332sq m retail/ residential building with four retail shops and two flats on a 706sq m block with rear street access and parking.

 

Built in 1889, the historic property was originally home to Daw and Slack’s Butcher Shop.

 

It was later leased by the Queensland Government, which used it as the first State Butcher Shop. In the late 1930s, the building underwent an extensive renovation, including a new art deco facade, three additional shops and a second level with two flats.

 

Raine & Horne Commercial’s Trent Bruce and Alex McSweeney fielded more than 60 pre-auction inquiries.

 

There were a total of 12 registered bidders on auction day. Mr Bruce said bidding was competitive, kicking off with a “cheeky” sub-$1 million offer before escalating.

 

“Well-located sub-$2 million investment properties are few and far between, particularly along the tightly held Sandgate Rd strip,” he said.

 

Mr McSweeney said there was still a healthy appetite in the market from investors and owner-occupiers for inner-city freehold sites with a point of difference.

 

“The subject site provides the successful buyer with an opportunity to value-add/ reposition existing tenancies in the short-term and also offer future redevelopment on the surplus land at the rear of the property,” he said.

 

RETURN TO MEDIA HUB
https://www.rhcommercial.com.au/brisbanenorth/cms_lists/1442/cms_pages/16252