Dentists sink teeth in
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.
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%.