This article is from the Australian Property Journal archive
RETAILER and distributer Lighting Illusions has acquired a vacant Acacia Ridge warehouse for $3.2 million, after the property struggled to secure a tenant despite a number of leasing attempts.
The southern Brisbane site at 10 Overlord Place was introduced to Lighting Illusions during a leasing campaign, but the group was keen on owning their own premises.
Savills agent Shaw Harrison, who negotiated the deal with colleague Jack Barratt, said they had been looking in the market for nine months and were considering options in the Trade Coast area in Brisbane’s north-east, and the Logan Motorway further south of Acacia Ridge.
Harrison said once the green light was given to sell the building, the deal was struck in a matter of days. Lighting Illusions has relocated from their around the corner that they had been leasing for the past five years, allowing them to retain off their staff in the process.
The 1,924 sqm facility, on a 6,333 sqm site, is being fitted out for occupation later this month.
“Their previous premises in Learoyd Road was 807 sqm and they had staff working on top of each other, so providing their business with more than double the space is going to be a welcomed change,” Harrison said.
Lighting Illusions currently have four retail outlets across south-east Queensland, and plans to add another 10 over the coming four years.
Australian Property Journal
