HIGH STREET RETAIL GEM TO BE RESET FOR NEW TENANT
A VACANT strata-titled retail unit in one of Brisbane’s renowned high streets, that was once occupied by The Coffee Club, will be refurbished and reset with the new owner planning to cater for a different type of tenant.
According to CoreLogic Chuangle (Aus) Developments paid $1.425m plus GST for the property at 4/143 Racecourse Rd, Ascot, after a deal by Raine & Horne Commerial’s Trent Bruce and Keelan Mylius. Mr Bruce said they received more than 40 inquiries during the campaign because of the rare opportunity to secure a prominent retail offering with direct frontage to one of Brisbane’s historic high streets.
“Interest was received from both owner-occupiers and investors, with the successful purchasers being private investors that will look to release the space,” he said.
“They were attracted to its prime position along Racecourse Rd, as well as the potential for future growth due to proposed nearby developments,” Mr Bruce said.
The property has a 148sqm internal floor area and 42sq m of exclusive use alfresco/outdoor area in the mixed use complex that was built in 2001. According to CoreLogic it last changed hands in 2012 for $1.47m. n
Mr Mylius said the new owner would reset the before seeking a new tenant. “It has always been a high end area and it was an opportunity for the new owner to get in on the ground floor,” he said.
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