Den­tists sink teeth in

Townsville Bulletin - - NEWS - TONY RAG­GATT

A PROM­I­NENT com­plex at The Lakes will be­come mul­ti­te­nancy pro­fes­sional of­fices af­ter its sale to a lo­cal den­tal group for a price un­der­stood to be more than $ 3 mil­lion.

Col­liers In­ter­na­tional Townsville mar­keted the site at the cor­ner of Sabina St and Martinez Ave, West End, and han­dled the sale, while Ray White Com­mer­cial Townsville in­tro­duced the buyer.

The prop­erty was pre­vi­ously the pur­pose- built of­fices of for­mer le­gal firm BCK Lawyers, which closed last year.

It was owned by Bris­banebased in­vestors who ac­quired it in 2004 for $ 3.4 mil­lion, around the price the new buy­ers are un­der­stood to have paid for the site.

Col­liers ex­ec­u­tive Todd Walsh said the prop­erty own­ers had been look­ing for a buyer or ten­ant since the firm’s clo­sure in May last year.

“The prop­erty is suit­ably zoned for both med­i­cal and pro­fes­sional uses so it at­tracted reg­u­lar in­ter­est over the course of the mar­ket­ing pe­riod,” Mr Walsh said.

“How­ever, de­spite its prom­i­nent lo­ca­tion and street ap­peal, find­ing a sin­gle user for the en­tire build­ing proved chal­leng­ing. The build­ing is large with over 1600sq m of space, all on ground level.”

So a ten­ancy sep­a­ra­tion was com­pleted and the build­ing was of­fered to mul­ti­ple po­ten­tial users with spa­ces start­ing from 200sq m.

Mr Walsh said the new owner in­tended to oc­cupy space of about 700sq m, while an­other group, an in­sur­ance firm, was look­ing to lease space of about 250sq m later this year. Spa­ces around 150sq m and 300sq m are still avail­able.

Ray White Com­mer­cial agent Troy Townsend said ideally the new owner would like to see a med­i­cal or al­lied health op­er­a­tor take re­main­ing ten­an­cies.

Mr Townsend said the area was pop­u­lar among busi­nesses.

“Any build­ing for sale or lease in the area in the past few years has been taken up,” he said. “I think this area of­fers good ex­po­sure to Wool­cock St. It’s also a good mid­way point to ser­vice cus­tomers from the west­ern sub­urbs and CBD.”

The prop­erty has a land area of 3878sq m and a build­ing area of 1587sq m. The build­ing is prom­i­nent with an ex­ist­ing high- end fitout and 75m frontage to Wool­cock St. It also has 42 on- site car parks in­clud­ing un­der­cover spa­ces.

TOP SPOT:: Col­l­l­li­ierrss IInt­ter­rnaat­ti­ion­aall ex­ec­cut­ti­ive Todd Waallssh aand Raay Whi­itte Com­mer­rcci­iaall’’ ss Tr­roy Townssend att The Lakess ccom­pllex..

A 346sq m ware­house unit at 58 Pilk­ing­ton St, Gar­butt, is for sale through Troy Townsend of Ray White Com­mer­cial for $ 295,000 ne­go­tiable. A free­stand­ing of­fice build­ing of 422sq m, ca­pa­ble of be­ing two ten­an­cies, is for sale through Troy Townsend of Ray White Com­mer­cial. The prop­erty is at 227 Char­ters Tow­ers Rd, Mys­ter­ton, and the ask­ing price is $ 600,000. A sub­ur­ban shop­ping cen­tre with five shops and one res­i­dence at 1 For­est Av­enue, Kir­wan, has sold for $ 1.03 mil­lion through Troy Townsend of Ray White Com­mer­cial. The prop­erty had a net re­turn of just over 10%.

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