BUYER DIGS DEEP TO WIN BOUTIQUE VALLEY HOTSPOT 04-09-15
A FREESTANDING office/warehouse on a block with development upside in Brisbane’s Fortitude Valley has sold under the hammer for $1.58 million.
The property at 67 McLachlan St attracted significant interest from local developers looking to secure an inner-city site for a boutique residential project
On auction day they were all outbid by a Brisbane-based buyer wanting to relocate a landscaping business from leased premises in nearby James St.
Raine & Horne Commercial’s Alex McSweeney, who was the marketing agent with former colleague Tim Jones (now with CBRE), said about 30 inquiries were fielded during the campaign from potential buyers and there were six registered bidders.
Two offers to purchase were submitted for the property before it finally went under the hammer.
The property was sold vacant possession and comprises a 235sq m office/warehouse on a 531sqm site with a mixed-use zoning.
Mr McSweeney said the strong interest in the property reflected the fact that boutique development sites in Fortitude Valley were hard to find.
“There has been continued strong demand for freehold sites within the fringe precinct, especially those with future upside development opportunities,” he said.
“This site is also ideally positioned between Brunswick and James streets, providing excellent exposure to passing traffic.”