Warehouse sells in a flash
A MOUNT Louisa warehouse has sold for $ 3.125 million as demand for top- quality industrial stock continues.
The 2185sq m warehouse, which is on 1.24ha of land at 16- 18 Ronald St, Mount Louisa, was sold to a Cairns syndicate by James Pascoe and Todd Walsh of Colliers International.
The property was snapped up after being on the market for less than three weeks.
The sale follows the pair also selling 14 Hills St in Gar- butt for $ 3.2 million after it was bought by a Brisbane- based investor.
Mr Walsh said it was the last property to be sold that was owned by Epic Property Investments after being originally developed by BM Webb Group.
“This was the last of Epic’s holding in Townsville which was made up of 18 industrial buildings,” he said.
“These have been sold off over the last five years with a combined sale price of approximately $ 24 million.”
Mr Walsh and Mr Pascoe have sold all but one of the properties. The Mount Louisa asset is tenanted by Coates Hire on a seven- year lease.
Mr Pascoe said any highquality industrial stock with national tenants on long- term leases was not lasting long on the market.
“There has always been good demand for those longterm tenanted industrial investments properties. The problem we’ve had is getting those listings,” he said.
“Low- risk, high- quality stock like this is much easier to sell.”