Last commercial land parcel at Capalaba sells for $3 million
Media release - 6th September, 2013
Rare offering in retail hub snapped up prior to auction
- Rare parcel of land on Redland Bay Road, Capalaba sells for $3 million
- The property was sold by an ex-farmer to a local owner-occupier
- Redland Bay Road is a favourite retail precinct with a shortage of quality showroom space
A rare parcel of commercial land at Capalaba, in Brisbane’s east, recently sold a day prior to auction for $3 million.
The valuable 2.5 acre parcel located at 184-186 Redland Bay Road, Capalaba, sold above expectations, and was the last remaining block from a 70 to 80 acre agricultural subdivision, owned by a local businessman and farmer.
“The property was secured by a high-profile local owner-occupier who had his work cut out to secure the property, as we had 30 genuine enquiries from businesses and investors,” says Kevin Murdock, Director, Raine & Horne Commercial Bayside, who sold the property in conjunction with his colleague Colin Tucker.
“Capalaba is a popular retail hub which is home to virtually every major retail brand and this property was a rare opportunity to buy a stake in the heart of this popular commercial precinct.”
Mr Tucker says, “Road networks into the area continue to improve and the site can easily be accessed from through roads such as Moreton Bay Road and Old Cleveland Road.
“As a consequence, for up to 95% of the time, vacancy rates on Redland Bay Road are zero and the significant interest in this property was a result of the fact that there is a shortage of space for prime retail showroom space.
“This property comes with a huge 75 metre frontage onto Redland Bay Road and has exposure to over 20,000 passing vehicles every day.”
For further media information contact:
Kevin Murdock, Raine & Horne Commercial Bayside on 0411 171 112
Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400