Teneriffe Building Sold to Developer for $3.5 million
A warehouse/office building in the redevelopment hot spot of Teneriffe in inner northern Brisbane has been sold to an apartment developer for $3.5 million by Ray White Industrial Milton.
The property on a land area of approximately 850 sqm at 14 Helen Street, Teneriffe, was sold to the private developer following an Expressions of Interest campaign by Ray White Industrial Milton’s Paul Anderson on behalf of RR Superannuation Fund.
Paul Anderson said the building currently has passing income through a short term lease to Cochlear Ltd but the buyer intends to apply to build apartments on the site (STCA).
“The enquiry on this campaign was very strong,” Paul Anderson said.
“There is a real hive of development in the area as well as the attraction of Gasworks, James Street, Skyring Terrace and the New Farm retail centres.
“The site was sold unapproved but the purchaser intends to develop the site into apartments and is underway with a design and planning process.
“Five expressions of interest where received, with three having little separation. Three of the five parties where invited to a second round, and the successful buyer stood out on terms and price.
“The sale price equates to a land rate of $4,117.64 per sqm.
‘The vendor was delighted such a transparent and fair process was run.”