QUICK SALE FOR A BANYO BEAUTY
A FREESTANDING office/warehouse in a northern Brisbane industrial precinct was snapped up by a private investor just before it was due to go to auction.
The property at 73 Depot Street, Banyo, sold for $2.85m after being marketed by Raine & Horne Commercial’s Lawrence Temple and Trent Bruce.
Mr Temple said it was bought by a private investor who owned other assets in the area. “It was sold a few days before the auction,” he said.
“It was effectively vacant. We have been appointed leasing agents and have had a number of inspections already. For good quality assets like this investors are willing to take on leasing risk.”
The auction had a clearance rate of 83 per cent.
The 15-year-old 1500sqm clearspan office/warehouse is on a 2390sq m site with plenty of concrete hardstand.
The property was occupied by Promark Packaging. Mr Bruce said the vendor had sold their business.
“They had a leaseback for a couple of months before the new owners of the business could move their operations southside,” he said.
Mr Bruce said investors have increasing confidence in the Banyo/Northgate precinct.
“The property is near the airport and northern and southern arterials and there’s not much for sale around there, "he said.
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