In a strictly off-market transaction, Ray White Commercial Bayside was appointed to sell a 4,856sqm* facility located in Redland’s most prominent large format retail precinct.
The property consisted of an 866sqm* building on a 4,856sqm* site with development approval for an additional 1,500sqm* of showroom space.
With only part of the site developed and the rear portion simply vacant land, Nathan Moore, Director of Ray White Commercial Bayside, understood the development capacity of the site and how a buyer could maximise their return on investment. He reached out to his vast network of contacts to present the property for sale with 2 sitting tenants and untold untapped potential.
A Brisbane-based development company saw the unrealised opportunities of the site and paid more than $5m to secure the purchase.
The head tenant has now been vacated and development of the site is due to commence shortly for a new nationally branded retail showroom.
If you’re considering selling, buying or leasing commercial property in Brisbane’s Bayside and the South East Queensland region, call Nathan Moore at Ray White Commercial Bayside on 0413 879 428.
|Ammarose Pty Ltd
|Centurion Investment Management Pty Ltd