This property, a deceased estate, had been held for 30 years by 2 families and had recently become vacant. The beneficiaries of the estate engaged Ray White Commercial Bayside to market the property for sale.
Located in the heart of one of south east Queensland’s biggest and best large format retail precincts, this property offered an outstanding opportunity for an owner occupier or astute investor to secure a freestanding showroom building with vacant possession.
Given the size, location and high demand for properties of this type, it was very clear that an on-site auction would be the best approach.
Nathan Moore, Director of Ray White Commercial Bayside developed an extensive 4 week marketing campaign and generated tremendous enquiry. Approximately 60 people attended the on-site auction, with more than a dozen registered bidders.
The property sold under the hammer for $2m+, a result of an intense bidding war between 2 determined bidders which drove the end price approximately 20% above reserve.
To complete this good news story, the unsuccessful bidder became a tenant of the new owner and took a long-term lease. Everyone was a winner.
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.
|Land Area||809 sqm*|
|Building Area||430 sqm*|
|Rental Yield||Vacant Possession|
|Purchaser||Boyent Pty Ltd|