A commercial building at Highgate Hill has sold for $780,000, up 30 per cent from when the seller bought the property just 14 months earlier.
The seller bought the property located at 194 Gladstone Road in mid-2020 for $600,000 then put together a development approval for a studio apartment at the rear of the building.
The vendor then decided to sell with Ray White Commercial Bayside and Ray White Commercial QLD agents Benn Woods and John Dwyer marketing the property.
Constructed in 1956, the 245sqm block includes a 69sqm air conditioned commercial building, with development approval for an 89sqm studio apartment.
Mr Woods said the property received strong interest with 27 enquiries prior to the auction which was held on September 23.
““It was a great main road location with approximately 29,900 vehicles passing daily,” he said.
“It was a freestanding block with great parking at an entry level price, perfect for those wanting to move from leasing to owning.”
While the property was passed in at auction, Mr Woods said they were still able to receive a great result for the vendor with the property selling just two hours later.
“After a tightly run campaign, focusing primarily on owner occupiers prepared to pay more to move away from lease premises, we had spirited bidding at the auction from $500,000 up to $710,000,” Mr Woods said.
“We were able to progress terms with all parties post auction and secure an unconditional contract on auction terms.
“The owner was thrilled with securing 30 per cent more than he paid for the property just over a year ago.”
