Bidding frenzy as Capalaba building smashes $2M at auction

TWELVE registered bidders battled it out as a freestanding showroom building in Capalaba, that opened with a bid of $900,000, eventually sold for $2.05M at 96 Redland Bay Road.

The asset, that came with a 430sq m* building area and 809sq m* site area, went under the hammer on-site and was sold as vacant possession.

The property was marketed and sold by Ray White Commercial Bayside Director Nathan Moore.

Mr Moore said there was a large amount of interest throughout the campaign and the final selling price highlighted the opportunity that was on offer.

“It really was a cracking auction with twelve registered bidders producing 26 bids between them, with the hammer falling more than $1M above the starting bid,” he said.

“The asset sold well above its reserve price and the lucky winning bidder was an investor with other holdings on Redland Bay Road.

“The property is a well located, well maintained retail showroom in the heart of Capalaba’s retail showroom strip.

“Being smaller than many other holdings on Redland Bay Road made it an opportunity for both investors and owner occupiers alike.

“The property is a semi‐modern large format retail building that was constructed circa mid-1980’s and is set on a reinforced concrete slab with a painted face brick façade, masonry block side, and rear external walls and a sheet metal roof.

“The building includes an aluminium framed glass shopfront and a high bay roll steel shutter door to the front, providing access to the internal accommodation area. The building has a suspended grid ceiling with recessed lighting and ducted air conditioning throughout.

“As a freestanding building, the site also benefits from its own car park and tower signage as well as separate male and female amenities and a small staff kitchenette, making the asset move-in ready.”

*Approximately.