This article is from the Australian Property Journal archive
A LOCAL private investor has paid $3.9 million in an off-market deal to acquire a piece of Newstead’s industrial history.
Andrew Havig from of JLL sold 60 Edmondstone Road, which has an interwar brick building constructed in 1939 as the office for soap and candle manufacturing, J Kitchen and Sons Pty Ltd.
The office building is the only remaining structure from the industry’s heyday.
There had been another soap and candle factory on the site prior to this, known as the Ross Soap Company, established in Newstead by Peter Ross in 1883.
Encompassing a 2,068 sqm site, the property has a 990 sqm net lettable area with mix of office, boardroom, gym and outdoor terrace spaces across two buildings, as well as 35 secure car bays.
Havig said the purchaser was drawn to the site’s future value-add and development opportunities, its prominent near-city location, and significant surrounding development including the recently completed Bunnings and Mercedes-Benz Autohaus.
“As a result of strong development activity and the continued growth of Newstead and Bowen Hills precinct, we have seen strong price growth and buyer demand both via on and off market processes,” he said.
Zoned Low Impact Industry, the is located within 2.5km of Brisbane’s CBD and is strategically positioned to benefit from its location along one of the busiest thoroughfares in the region.
Australian Property Journal