Off-market sale sets record
A STAND-ALONE tenanted investment has set a new benchmark for Caboolture’s tightly held Corporate Park Estate in an off-market transaction by Ray White Commercial that reflects the continuing shift in focus to the northern suburbs for investors.
The 1073sq m complex, comprised of seven units at 95 Lear Jet Dr, fetched just over $1.96 million, reflecting a rate of $1831 per square metre – a record for the industrial estate, according to Ray White Commercial North Coast Central.
Agents Chris Massie and Ashley Rees were preparing the property for market when the under-bidder on a nearby property – which also had been marketed by Mr Massie and Mr Rees – was offered a preview and quickly jumped at the chance.
“There was still some work for us to finish with lease renewals and mezzanine certifications, but we were comfortable with the projected outcomes and the buyer was experienced enough to see past the issues,” Mr Massie said.
“Plus, the sellers were happy to give him the time necessary.”
Though sale rates in the northern suburbs continue to firm, they still remain under those of suburbs closer to Brisbane, according to Mr Rees.
Major residential and infrastructure projects slated for the northern corridor appear to have investors comfortable with the longer term implications for the area.
“Caboolture West and Stockland’s Aura development at Caloundra will drive the push north over the next 15 years and our take-up data indicates the minimal allocation for general industry users will struggle to keep pace with demand,” says Mr Rees, who is a selling agent and senior analyst for the Moreton Bay region.
In spite of the strengthening market, sales volumes for the Moreton Bay area outside of North Lakes are predicted to decline over the next 18 months as stock levels of both tenanted and vacant properties tighten further, he says. For further information contact Mr Rees on 0411 707 410