Lure of land banking
Interest surges in large site
AN OVERSEAS-based investor has paid $5.4 million to secure a development site with an extensive holding income in Hamilton.
The transaction of the inner northern Brisbane property at 15 Curtin Avenue West was facilitated by exclusive marketing agents Shaw Harrison, Robert Dunne and Will Carman of Savills.
Mr Harrison said the campaign attracted strong interest with 128 interested parties resulting in 11 offers.
“We had particular interest with a number of groups that are prepared to land bank and prepare themselves for the next cycle,” Mr Harrison said.
“Core located sites with holding income, make this decision much easier.”
Mr Harrison said Northshore Hamilton, which was traditionally an industrial location, was being transformed and revitalised into one of Brisbane’s best in class mixed-use precincts.
The international investor was drawn to the property because of the impressive development upside potential, according to Mr Carman.
“With an existing overlay for up to eight levels of development which would include residential, retail and commercial space it was an opportunity they weren’t prepared to miss,” Mr Carman said.
“The buyer was in town for the week and was keen to transact before they flew home which resulted in us achieving a cash unconditional offer which was a great outcome.”
The 4641sq m site has a holding income of $208,955 per annum, and is surrounded by other major development projects which include Frasers Property, Shayher Group, and Multiplex and Brookfield Properties.
The property is leased with an industrial land lease in place and also benefits from additional income from a telecommunications tower situated at the rear of the site.
Mr Carman said the buyer had no immediate plans for the property, but had significant long-term plans.