Medical Future For Wilston Lots 09-09-16

CHRIS HERDE

A SYDNEY-based medical centre business has snapped up a three-lot property in Brisbane’s inner north but will take its time developing the whole site.

Under the name Foxtrot Properties the business paid $2.98 million at auction for the adjoining battle-axe properties at 276 and 280 Newmarket Rd, Wilston.

Raine & Horne Commercial’s Trent Bruce, who struck the deal with Alex McSweeney, said the auction attracted interest from owner-occupiers and developers.

“There were developers there who wanted it to pass in so they could come in but the owner really wanted closure and a cash unconditional contract,” he said.

“The new owners are now installing a laboratory in the main office building and they will look at gradually redeveloping the whole site.”

The three properties total 6310sq m of Low Impact Industry zoned land, in the heart of Wilston. There is a modern 659sq m, two-level, corporate office building and multiple industrial sheds totalling 2010sq m of general floor area.

Mr Bruce said the property was only partially leased when it was sold after a major tenant went into receivership.

“So when the rental income ceased they (the owners) were weighing up whether to go down the leasing avenue or find a purchaser,” he said.

Mr McSweeney said there was always usually strong demand for inner city properties with city views

“We had more than 50 inquires and there were four or five registered bidders – one developer and the rest owner occupiers,” he said..

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