Bundall property bundle up for sale
FRUIT and vegetable wholesalers Simon and Damian George are hoping a major Bundall site – which they finished assembling last month – will whet the appetite of investors when it goes under the hammer next month.
The pair settled on the purchase of a 852sq m tenanted retail showroom and warehouse on a 1929sq m site at 82 Bundall Rd for $3.35 million last month.
They had been looking to purchase the property for the past 25 years to square off their holdings, which also include a 2538sq m parcel at 47 Upton St and a 3333sq m block at 84 Bundall Rd.
Those properties were purchased for $1.175 million in 1993.
The most recent purchase completed a rectangularshaped landholding of 7800sq m with street frontage to Bundall Rd and Upton St.
The eight tenants, spread across the landholding in showrooms and warehouses, pay a collective total of $557,889 in gross annual rent.
Simon George said the sale campaign represents an opportunity for a developer to move in and transform a prime piece of land.
“We have always held this site with future development in mind and we feel the time is right for a developer to give it the justice it deserves,” he said.
Colliers International metro sales manager Kyle Youngson, who is marketing the property with colleagues Marlon Crawford and Steve Clark, said the site is the most significant to hit the market since the amalgamation of the former Masters site on Bundall Rd.
The campaign comes at a time of heightened activity in the Bundall commercial precinct.
National Storage recently acquired 106-110 Bundall Rd (6900sq m) for $14.75 million or $2137sq m, setting a record for the area.
An expressions of interest campaign for the property closes on August 23 at 5pm.