Brisbane, 14 April 2016 – Brisbane’s inner north is emerging as one of the city’s most in-demand precincts for industrial developers, with buyers vying to gain a foothold in the sought after market.
Demonstrating this trend, CBRE’s Dan Munnich and Nick Witheriff have recently negotiated the sale of redevelopment sites in Geebung and Eagle Farm to two separate private local parties.
The 1,618sqm site at 31-37 Bunya Street, Eagle Farm, sold for $850,000 plus GST, representing a land rate of $525 per sqm. The site offers approximately 310sqm of warehouse / storage space and features a demountable office and amenities block. The site was acquired by the owner of the adjacent block, who plans to utalise the General Industry B zoning for future development.
The sale of a 3,408sqm corner site at 235 Robinson Road, Geebung, was also transacted recently, in a deal valued at $1.4 million. The vacant site offers prominent corner positioning with frontage to Robinson Road and Newman Road, providing significant development upside to accommodate a number of retail, wholesale and industrial businesses.
Mr Munnich said both sites sold at auction and achieved figures significantly above reserve, demonstrating the strong current demand for industrial sites.
“The strong sales results are attributed to the growth of the highly desirable northern trade coast precinct, which continues to be coveted by developers and industrial businesses.”
“Both auction campaigns attracted over 20 enquiries, with approximately eight registered bidders present on each auction day and many more interested onlookers," added Mr Witheriff.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.