Former Coorparoo restaurant sells for $800,000 at auction

A VACANT former restaurant in the affluent Brisbane suburb of Coorparoo has sold under the hammer for the tasty sum of $800,000 + GST at 2/154 Cavendish Road.

On the menu for buyers was a ground floor strata-titled shop that offered 100sq m* building area in the high-profile Axia complex.

The asset was marketed and sold by Ray White Commercial Bayside’s Director Nathan Moore and Sales and Leasing Executive Jonathon Burrowes.

Mr Moore said it was an active campaign throughout with interest coming from local owner occupiers, food-based tenants and a number of medical-based users.

“The asset being in the ever-popular Coorparoo meant there was a real buzz of interest around this opportunity with more than 50 enquiries during the campaign,” he said.

“Over 25 people turned up to witness two registered bidders battling it out as a starting bid of $500,000 climbed all the way up to the $800,000 + GST sale price.

“After six competing bids between them, the eventual lucky buyer was an orthodontist who’ll be an owner occupier for the property.”

Mr Burrowes said the asset offered an outstanding opportunity for investors, and the fact it would now be transformed in to an orthodontist, highlighted its versatility.

“The previous restaurant tenant was in situ for 15 years and it’s a testament to the asset’s flexibility that it’ll now become a medical site,” he said.

“The asset being vacant, along with the on-grade and basement parking available, opened up a magnitude of opportunities for various business operations.

“When you take into account the sought-after Coorparoo locale and what the property offered, it was perfect for any incoming company.”

*Approximately.