This article is from the Australian Property Journal archive
A RETAIL building in the Brisbane CBD has been sold at auction, for the first time in 33 years.
Ray White Commercial’s John Dwyer sold the three-storey property at 157-159 Elizabeth St for $6 million, on behalf of private investors who have owned the property since 1980.
Dwyer said there was strong interest in the property.
“Bidding at the Ray White Corporate Auction in Brisbane started at $4 million and there were five bids before the property was sold under the hammer for $6 million.
“The successful purchaser was a local private investor who was the under-bidder at a recently completed auction. The auction sale was a great result and another indication of growing confidence in the market,” he added.
Dwyer said the building offered a net lettable area of approximately 875 sqm across three tenancies, including the popular new Asian restaurant the Malaya Corner.
The building also has the established Maru Korean restaurant on the first floor while the lower ground floor tenancy is occupied by the City Camping and Disposals store, which has been a tenant for more than 15 years.
“The building is in central location in Elizabeth St between the newly refurbished Wintergarden and the Myer Centre with easy access to parking and public transport,” Dwyer concluded.
Property Review
