Investor splashes $4M on Virginia freehold warehouse

AN INVESTOR has snapped up a freehold warehouse with A-grade office after successful post-auction negotiations for $4,000,000 at 78 Pritchard Road in Brisbane’s Virginia.

The property, that came with a 3,000sq m* building area on a 6,222sq m* allotment, was zoned as ‘General Industry’.

The asset was marketed and sold Ray White Commercial Northern Corridor Group Principal Chris Massie and Ray White Commercial Bayside Director Nathan Moore.

Mr Massie said six registered bidders battled it out on auction day with the price climbing all the way from $2,6000,000 to $3,950,000.

“We then entered the next phase of the auction process and a deal was agreed between the vendor and investor at the $4,000,000 mark,” Mr Massie said.

“We sent a professionally printed IM to surrounding property owners which engaged interest from quite a few other commercial and industrial property owners in the Virginia area.

“Some prospective purchasers were owner occupiers but the majority were investors and the campaign generated enough interest that agents and surrounding property owners attended on auction day.”

Mr Moore said Virginia was a well-established industrial estate that was just 13km* from the Brisbane CBD and boasted an attractive rental rate with small and large warehouses.

“Virginia is serviced by Sandgate Road which runs through the heart of the suburb with over 69,000* vehicles using this major thoroughfare daily,” Mr Moore said.

“The Virginia Industrial Estate is listed as some of Brisbane’s most affordable and flexible industrial space and this prime industrial estate comprises of various industrial buildings and hardstand ranging in various sizes.

“This warehouse featured a huge power supply, multiple office fit-out across two levels, large climate-controlled data room, large boardroom, two executive offices and 34 car parks.”

*Approximately.