Former EXPO 88 Building Snapped Up
A LEADING concrete finishing tools and equipment supplier has cracked the market as an owner-occupier.
A G Pulie Pty Ltd moved from a smaller leased office/ warehouse at Tingalpa after paying $1.45 million plus GST for a property at 71 Riverside Place, Morningside.
A former EXPO 88 building, the property was marketed by Phil Heggie, Phil Bloor and Lawrence Temple from Raine & Horne Commercial, while Wright Property’s Tim Langford introduced the new owner.
Mr Langford said A G Pulie looked at eight sites before settling on Riverside Place
“They wanted something bigger and wanted to buy,” he said. “They needed something between 1000sq m to 1500sq m with the majority of it warehouse and was ideal for racking. The original asking price was significantly higher than what they wanted but they bargained it down and I think paid what it was worth.”
The two-level clearspan freestanding 1200sq m office/ warehouse is on a 2012sq m of general industry site.
The building walls and roof are constructed of sandwich panel, which are sheets of steel with polystyrene between.
According to RP Data it last changed hands in 2004 for $1.33 million. It was occupied by Bautex Matting, which has moved to Geebung.
Mr Temple said the 10- week marketing campaign generated 18 inquiries.
He said the unusual sandwich- panel construction raised maintenance concerns among many potential purchasers.
“Despite the unusual construction material, there was still strong interest with a number of potential purchasers either not being quite ready to purchase or having to sell their existing facility before purchasing, taking them out the race,” he said.
“This is a good indicator there is still good owner-occupier interest within the marketplace for industrial throughout the tradecoast.”