BOB BETS ON NORTH
AN industrial property in Currajong has sold for about $ 1.5 million to a Melbourne- based buyer who is backing Townsville as the next hot spot to invest.
Re- Car managing director Bob Jones has snapped up 44 Keane St and adjoining 56 Punari St and is renovating the properties before planning to lease them to a light industrial user.
Re- Car, a commercial and heavy truck repair centre, has a branch in Townsville and Mr Jones first bought 646 Ingham Rd, Bohle to house the business more than three years ago.
However, his latest purchase is purely an investment and he says he’s not the only Melbourne local eyeing off Townsville’s investment opportunities.
“I have lots of friends who are investors and a few of them have come up and bought some property up here so the word is out on the streets of Melbourne,” he said.
“I see confidence in the Townsville market with all the building and infra- structure that is happening.
“All I see is property prices going up and interest rates will also go up eventually so get in now the while the going is good.
“Townsville is as good a place as I’ve seen to invest.”
The Keane St property has a 1670sq m workshop on 5357sq m of land while the Punari St property has a 276sq m office and warehouse on 1386sq m block. The property offers street- to- street access with the Punari St property backing on to 44 Keane St. CHRISTIE ANDERSON 4722 4451
The properties are located in a key industrial area in Currajong.
Mr Jones is currently completing work to the property. He said when he bought the property it needed some love and attention which was part of the appeal.
“My son runs Re- Car with some very good managers so I just wanted something to do and I enjoy building things so I liked that it needed some TLC,” he said.
“It had been vacant for 12 months or so it was a bit run down and overrun with weeds.
The sale was negotiated by James Pascoe from Colliers International who said they already had strong interest from people interested in leasing the property.
“We’ve already fielded interest from interested tenants,” Mr Pascoe said. “The buyer has already started on works and the property is already looking a lot better.
“He has faith in Townsville and isn’t afraid to put his money where his mouth is.
“He is relying on our market to produce a suitable tenant.”