Brisbane, 09 March 2016 – Vanriet Developments Pty Ltd has acquired a 1.23Ha industrial site in Tingalpa, in a deal valued at $3.05 million.
CBRE’s Sam Higgins and Ben Lyons negotiated the sale of the corner site, which is located at 43 Ingleston Road, Tingalpa - 10km east of the Brisbane CBD.
The property was sold by a private local vendor, who will be undertaking a leaseback for one year on a net rental of $180,000 per annum.
Mr Higgins said Vanriet Developments were attracted to the excellent long-term redevelopment capability of the site and its potential for subdivision.
“The frontage to the street is approximately 237 metres, allowing the purchaser to develop across four lots – subject to approval from the Brisbane City Council,” Mr Higgins said.
“There is currently demand for modern buildings of concrete, tilt panel construction in infill sites, so the project should be well received by the market when it is complete in the second half of 2017.”
To further meet the current industrial demand, CBRE’s Ben Lyons and Nick Witheriff are marketing a nearby subdivision in New Cleveland Road - with lots commencing at $450psm.
Mr Lyons said the 2,000sqm lots will be well received by the market, due to the limited availability of freehold land in the precinct.
“The desirable location close to the Gateway Motorway should appeal to a range of companies who prioritise convenient proximity to the Port of Brisbane.”
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