COMPLEX SALE GETS GENTRIFICATION LIFT
AN owner-occupier has acquired a vacant two-building complex in an industrial precinct in Brisbane's north, which is going through a gentrification process.
They paid $4m plus GST for the office/showroom/warehouse at 27 Hayward St, Stafford, in a deal struck by Raine & Horne Commercial's Trent Bruce and Hudson Dale on behalf of Energex.
Mr Bruce said the campaign generated multiple inquiries and six offers.
"We worked back through the top three parties and in the end the successful purchaser was an owner-occupier for part of the building," he said. "They're refurbishing the rest and will potentially create two or three tenancies and rent them out."
The property is on a 3,683sqm site with dual crossover and has a gross lettable area of 2,250sqm. It has two main buildings with a small showroom in the front. According to CoreLogic the property last changed hands in 2016 for $4.18m when it was bought by Energex. Energex has now moved into nearby purpose-built depot at Barbarra St.
Mr Bruce said the Stafford industrial precinct was changing. "The whole precinct is continuing to gentrify in Stafford," he said. "It's extremely tightly held and there will be continuing change of use and as time goes on the whole precinct will diversify."
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