The opportunity existed to purchase a quality tenanted industrial investment. This large scale strata unit of tilt panel construction, located right in the very heart of Nundah, alongside the Nundah train station, was well received by the market with over 30 enquiries over the 6 week marketing campaign.
This unique property offered many features, namely drive-through access and a 383sqm steel portal mezzanine with MDF flooring to the large 1503sqm warehouse with 8 meter minimum clearance. The partly refurbished commercial grade office over two levels with full staff amenities on each level. There were an abundance of car parks, with 24 allocated parking bays and street parking also available.
The strategic location of the property, being so close to public transport for staff and uniquely situated close to both airports, major road infrastructure, and only 8 kms from the Brisbane CBD, ensured a solid level of interest from the market. Also considered of key interest to the market was the long term development upside of the property with MP3 – Multi Purpose Centre Zoning.
The tenancy was securely leased to a nationally recognised clothing retailer, with a commencing gross rental of $250,000 p.a. plus GST. Within the existing lease structure were rental reviews ensuring that the income for the asset would increase positively over time. With an increase in rental returns comes an increase in capital value.
To reach the wider market, the property was advertised as an elite plus and elite listing across all the major web portals, it ran for five (5) consecutive weeks in the Prime site section of Friday’s Courier Mail, and had close to 185,000 impressions displayed on Google Search and Display Ads as part of Ray White’s exclusive Premium Digital Display package. The entire marketing budget came in close to $14,000 which ended up being close to 0.5% of the sale price.
In the most unfortunate of circumstances, due to the sale being a partial deceased estate disposal, all parties involved in the transaction were very pleased with the outcome.
|Method of Sale:||Public Auction|
|Marketing Time Frame:||6 weeks|
|Sale Date:||25th June 2014|
|Number of bids:||9+|
|Starting bid:||$2 million|
|Sale Price: (Under the Hammer):||$2.47 million|