Eagle Farm Sites Achieve Sales of $6.52 million
A substantial parcel of land and development sites at Eagle Farm in Brisbane’s inner north have been sold following a campaign by Ray White Industrial Milton for $6.52 million.
The sites on 20 titles at Bunya Street and Kenyon Street, Eagle Farm, have been sold by Ray White Industrial Milton’s Paul Anderson on behalf of Bunya Street Developments Pty Ltd.
Paul Anderson said Ray White Industrial Milton successfully completed an appointment to sell 1.3ha of land in Eagle Farm with approximately 8,400 sqm of older industrial improvements.
“The site comprised 20 titles and was sold down over eight transactions totalling a realisation of $6.52 million, including three sales of more than $1 million,” he said.
“The vendors approached me in early 2014 to handle this project as the tenant occupying the entire site went into receivership.
“We sat down and worked out that to maintain price integrity we had to tailor the offering to market sentiment which seems to get softer above $1.5 million.
“The entire site was offered with four potential configurations, stages 1-4, and we broke it up further to suit the enquiries we fielded.
“The entire project was sold out within 12 months, something Ray White Industrial is pleased to have on the resume. It is gratifying to have sold two entire streets in Eagle Farm, being Kenyon St and the city side of Bunya St.
“The older nature of the assets hit a note with owner occupiers with renovation experience, and also entrepreneurial investors.”
The final two sales of the project was a 810 sqm vacant block of land at 38-40 Bunya Street, Eagle Farm, which was sold to an owner occupier for $500,000 and a 405 sqm vacant block at 42 Bunya St to a private investor for $250,000.
“It was nice to complete this entire appointment for the vendors with strong sales immediately after auction,” Paul Anderson said.
“The land rates equate to $617 per sqm which is a credit to Eagle Farm as a location.”