BUYERS SEEKING A PIECE OF PRECINCT'S TRANSFORMATION
INVESTORS have snapped up two neighbouring inner-city office/warehouses in a light industrial pocket which is transforming into a boom retail and entertainment precinct.
In separate deals in Albion a local buyer paid $1.4m before auction for the vacant office/warehouse at 34 Collingwood St while another investor paid $1.15m for a building next door at 32 Collingwood St.
The properties are in the rapidly evolving Collingwood St precinct with coffee roasters and brewers Fonzie Abbott around the corner and Collingwood Black espresso and bar and the upcoming lifestyle precinct Craft'd Grounds across the road.
Raine & Horne Commercia''s Vaughn Smart, who struck the deals with Keelan Mylius said the new owners will "tap into the gentrification of the area".
"It's probably one of fastest newly gentrified areas in Albion and they were quick off the mark," he said.
The 405sqm freestanding office/warehouse at 34 Collingwood St features high quality blockwork construction and a mezzanine office or residence. Mr Mylius said the auction campaign generated more than 60 direct inquiries and a dozen inspections.
"It's in a very tightly held area and the new owner will reposition it and try to take advantage of what's going on in the area," he said.
The property at 32 Collingwood St features a 310sqm building on a 405sqm site. As well as the two Collingwood St properties, over the past six months they have also sold 127 Sandgate Rd ($1.03m), 2-4 Park St ($1.32m) and 2/18-28 Bimbil St ($960,000) in Albion.
Mr Smart said it was the best-selling market in Brisbane for some time and demand for property in Albion was at an all-time-high. "The fundamentals of Albion are strong when looking at the suburbs under developed nature, its blue-chip neighbours and proximity to the CBD and major transport corridors," he said.
"These fundamentals have translated into continual gentrification with certain pockets through the suburb undergoing and earmarked for major change."
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