NORTHSIDE RETAIL ASSET SPARKS A BIDDING WAR 12-02-16

PHIL BARTSCH

SEVERAL groups have waged a bidding war for a retail showroom asset in a prime position along Gympie Rd at Chermside on Brisbane’s northside.

The property at 848 Gympie Rd, opposite the entry to Westfield Chermside shopping centre, has been snapped up for $5.3 million. 

The winning bid by an ASXlisted owner-occupier followed strong bidding from nine registered bidders. Bidding started at $3.5 million and more than 50 bids were made before the property was sold.

Raine & Horne Commercial’s Trent Bruce, who was the marketing agent along with colleague Hudson Dale, said more than 150 inquiries were fielded during the campaign, mostly from owner-occupiers and developers.

“It’s an absolute prime position directly opposite the Westfield entrance with potential future upside to develop up to 12 storeys,” he said.

On a 2340sqm parcel, the asset comprises a 1081sqm retail/showroom building and 21 car parking spaces. It was sold with two tenants in place – Petbarn and Totally Workwear – on a short-term basis.

Mr Hudson said four “very solid owner-occupiers” had been circling the property.

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https://www.rhcommercial.com.au/brisbanenorth/cms_lists/1442/cms_pages/16252