Growth sparks quick warehouse purchase
A MORNINGSIDE freehold warehouse located in the southern TradeCoast has been picked up by an owner occupier for $3.5 million.
Savills agent Shaw Harrison was initially appointed to lease the property located at 345 Thynne Rd as the previous owner occupiers had decided it was surplus to their needs.
“Market activity at the moment is particularly thick with buyer interest and whilst we were initially promoting the property for lease, we received multiple offers to purchase the property at the same time,” Mr Harrison said.
Property records indicate the property last sold for $2,530,000 in 2014, representing a 40 per cent growth on the recent sale.
Mr Harrison said the buyer, who was in the warehousing and logistics industry, was spilling over in their existing warehouse around the corner.
“We actually had five other registered buyers that were disappointed when they missed out, as it wasn’t on the market long,” he said.
While the immediate area is set to transform with proposed future mixed use developments of the old Forgacs Facility and Bulimba Army Barracks, the fundamentals of the property were still highly sought after.
“I think users were attracted to the low site cover and usually properties with cranes or heavy rated power are popular because they are hard to find, Mr Harrison said.
The 4991sq m site includes a corporate freestanding building of 1810sq m which includes a renovated office over two levels and a warehouse fitted with a five-tonne gantry crane and 12m wide sliding doors.
“Engineering and logistics companies generally search hard for premises such as this as they are looking for buildings that can do the heavy lifting and high power supply as retrofitting is often expensive.”
For further information contact Mr Harrison on 0488 999 889.