Growth sparks quick ware­house pur­chase

The Coffs Coast Advocate - - PRIME SITE -

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.

Photo: Con­trib­uted

HEAVY DUTY FA­CIL­ITY: The 4991sq m site in­cludes a free­stand­ing build­ing of 1810sq m and a ware­house fit­ted with a five-tonne gantry crane and 12m wide slid­ing doors.

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