City building snapped up
Investor heeds Buffet advice in commercial property buy
A TWO-LEVEL, heritage-style building in Flinders St East was snapped up for a bargain price at auction yesterday.
The fully refurbished twolevel building, previously known as Flinders Chambers, sold at auction for $455,000.
Knight Frank agent Louise Slater said while the coronavirus had slammed the brakes on the economy, astute investors were still active in the property market.
The agent took the “beautiful heritage-style property” to auction, offering it with vacant possession.
A TOWNSVILLE investor has taken to heart the famous advice of Warren Buffett to buy when others are bolting for the door.
The investor acquired a two-level heritage style building in Flinders St East at auction yesterday at well below the value it last achieved in 2008.
Knight Frank agent Louise Slater said while the coronavirus had slammed the brakes on the economy, astute investors were still active in the property market.
“When something happens sheep p are going to follow sheep, I guess,” ” Ms Slater said.
“I guess there’s other people out t there that are still trying to go about business as best they can. Potentially, they are the ones who are going to come out of this in a better state than others.”
Knight Frank took the “beautiful l heritage-style property” to auction, offering it with vacant possession.
Calling for bids, auctioneer Wayne Nicholson quoted famous US investor Warren Buffett.
“He says be fearful when people are greedy and greedy when people are fearful,” Mr Nicholson said.
But the eventual buyer, who did not want to be identified, was the only bidder, apart from some bids made on behalf of the vendor.
Another registered bidder chose not to bid.
Ms Slater said she was “not really that surprised” the property sold.
“Obviously, if you have the money, it’s a good time to pick up what other people are going to miss out on,” Ms Slater said.
“We’ve been seeing some good stuff happening from October through to, say, last week. Everything was tracking really well but the brakes are definitely on right now.”
Ms Slater said businesses were looking to cut costs on items such as rents and trade through the upheaval caused by the coronavirus.
“I had three inquiries come through yesterday. They still want to stay in business through this, but are looking to go somewhere it’s a bit cheaper,” Ms Slater said.
The fully refurbished two-level building, previously known at Flinders Chambers, sold at auction for $455,000.