Brisbane, 10 November 2014 – A partly-leased industrial facility in Brisbane’s Eagle Farm precinct has been bought for $2.85 million.
The property at 1113 Kingsford Smith Drive comprises four buildings with a gross floor area of 2045sqm. A refurbished office/warehouse occupies the front of the 5056sqm site and it features an older-style metal clad workshop and storage buildings at the rear.
CBRE’s Nick Witheriff negotiated the deal with Dan Munnich. The property is currently leased to two tenants, both on two-year leases, generating a rental income of about $160,000 plus GST and outgoings.
Mr Witheriff said the expressions of interest campaign attracted a strong level of interest with 25 inquiries fielded, and two offers to purchase were received.
Mr Witheriff; “The new owner plans to operate a house restumping business from a portion of the vacant rear space. The market in Eagle Farm is hotly contested for freestanding assets due to the rare nature of buildings with excess hardstand, meanwhile, the investment market in Eagle Farm continues to be tightly held.”
Mr Munnich said; “Significant infrastructure developments have provided a platform for strong capital growth in the Eagle Farm precinct and are a major driver of activity.”
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