This article is from the Australian Property Journal archive
AN industrial building in Garbutt, Townville has sold for $4 million.
A consortium of local investors purchased the building products supply and vacant land site.
Selling agent Colliers International’s James Pascoe said quality large parcels of land like this are in short supply in Townsville.
“As an investment, the site has produced strong gains. The site has dual street access which enhances the potential for future development.” he added.
Colliers International’s director of research and consulting Colin Dwyer said Townsville continues to enjoy strong economic growth and is creating jobs.
“With a tight residential vacancy rate, the residential construction industries short term future is strong which was an attraction to the purchaser given the nature of the tenants business.
“In addition the purchasers have strong market knowledge regarding supply of industrial land in Townsville. The extra 9,531sqm of balance land is earmarked for further development of industrial tenancies,” he concluded.
Australian Property Journal
