An A-grade tilt panel warehouse/office space located in the desirable Acacia Ridge industrial area has sold for $4.2 million in an off-market deal.
Located at 56 Overlord Place, the 2350sqm building on a 3594sqm site was sold to a local owner occupier.
“The property has an existing lease which expires at the end of December which suited the timelines for a local owner occupier to track towards taking occupation of the premises in the New Year,” Ray White Industrial Milton listing agent Harry Egan said.
“The vendors were long time holders, who had owned the property for more than 20 years with no vacancies throughout their ownership of the property.
“With the upcoming lease expiry the sellers were happy to capitalise on the strength of the owner occupier market and sell the property for their dream pricing, which we achieved.
“The property was well located just off the busy Bradman Street precinct and had adequate office accommodation to suit the different sectors of the buyer’s staff.
“The building is well presented and appealed to a corporate style business environment.”
Mr Egan said quality industrial properties in the area had been in high demand, driving off-market sales.
“The lack of available stock in the southern industrial corridor has driven up prices for quality opportunities and has seen multiple properties transacting in an off-market format due to the desire to lock in opportunities before they reach competitive on-market scenarios,” he said.