TYRE CHAIN PARKS ITSELF AT THE GABBA
A NATIONAL tyre chain has snapped up a property in the strategic Olympic precinct that has been the long-term home of a rival.
Sources say an entity associated with Bob Jane T-Mart bought the 683sqm site at 74 Ipswich Rd, Woolloongabba, for $2.202m, in a deal struck bu Raine & Horne Commercial's Trent Bruce and Nick Comino.
Mr Bruce refused to confirm who the buyer was but said the property was sold under the hammer.
Beurepairs occupies the building on short-term leases.
Mr Bruce said the campaign generated more than 100 inquiries/
"It was a very active auction with eight registered bidders and 23 bids on the day," Mr Bruce said.
"It's in the Olympic precinct and only 500m from the Gabba. It has MU1 zoning of up to six storeys and on an outbound corner with 31m frontage to Ipswich Rd."
According to CoreLogic, it had been owned by a New Zealand investor since 2002.
Mr Bruce said many investors remained on the sidelines.
"There's still a lot of money out there, but interest rates are ticking up." he said.
"It may have a softening effect on yields, but A-grade properties are still getting good numbers." Mr Bruce said.