This article is from the Australian Property Journal archive
A LOCAL investor has bought a vacant Hendra industry facility for $1.65 million from Kewfern Pty Ltd, which has owned the property since 1982.
Kewfern bought the property at 490 Nudgee Rd more than three decades ago for $250,000.
Colliers International’s Klinton Jones and Ray White’s Paul Anderson sold the 1,725 sqm facility via auction, which attracted about 30 enquiries.
Jones said the strong investor interest reinforces the high level of demand for freestanding buildings on Brisbane’s northside.
“The property was sold two days post auction to a cash buyer that was present at the auction. The local investor bought it with some risk but he saw good potential to lease it out reasonably quickly,” Jones said.
The vendor occupied the property for his own use since 1982 until he sold the business which he then retained as a tenant. Colliers International and Ray White were appointed by Kewfern Pty Ltd to lease the facility when Action Mechanical Specialists vacated in June this year. During the course of the leasing campaign, the vendor’s motivation changed and the building was subsequently put on the market for sale.
Anderson said the freestanding facility which is located on 2,023 sqm site area is exceptionally positioned on one of the busiest intersections in Brisbane, offering a huge business exposure opportunity.
Australian Property Journal
