Arundel asset nets $2.8m

A LARGE Arundel warehouse formerly home to Chempro has been snapped up by a Gold Coast investor for $2.8 million.

The 12 Supply Court was sold earlier this month by Cocco Corporation Pty Ltd, linked to Adelaide investor Nigel Treliving.

The 4115sq m block contains 1949sq m of space under roof, including 1415sq m of clearspan warehouse space with coldroom, and 533sq m of airconditioned offices.

Marketing agent Sam Griffiths, of Coldwell Banker Commercial Property Group, said the investor had been looking for a property to purchase for more than a year.

“The purchaser saw new stock as being overpriced and became interested in buying older, preferably renovated, existing properties,” he said.

“Freestanding industrial properties are in high demand throughout Arundel due to a limited supply, mainly driven by the lack of available land to purchase and consequent shortage of new buildings.”

Other features of the Supply Court property include nine container-height roller doors for stock intake, two rear roller doors, and mezzanine storage area. The office space is divided into 12 offices and two boardrooms.

An additional feature is a large hardstand area with dual crossover driveways.

Mr Griffiths said sellers were achieving solid square metre rates in the Arundel area. “Sale prices for a new building are from $1950sq m to $2150sq m for a brand-new tiltpanel freestanding warehouse,” he said.

“Due to the shortage of supply, rates are not expected to go down in the short term.”

He said the highest rates paid came from local owneroccupiers. “A lot of the local businesses want to purchase within Molendinar and Arundel to stay in the area.”