A PRIVATE Sydney investor has bought a substantial land/development site north of the Brisbane CBD as 531A-537 Gympie Road and 21 Kate Street in Kedron sold for a combined $7.55 million.
The site comprises 15,128sqm* of commercial and industrial land with 58 metres* of street frontage to Gympie Road, offering exposure to over 65,000* vehicles daily.
The asset was marketed and sold by Ray White Commercial QLD Managing Director Michael McCullagh and industrial trio Andrew Doyle, Aaron Aleckson, and Paul Anderson.
“The opportunity came after one of the existing ownership groups had numerous unsuccessful attempts to divest their property through various agencies over many years,” Mr McCullagh said.
“As a team, we identified the complex nature of this particular site, and worked hard to develop a strategic plan to realise the true value of their asset.
“The north side of Brisbane continues to thrive, and as we’ve seen in the last year, any sort of development site close to the CBD will attract huge interest and fetch a premium price.”
“The property was offered to market with substantial holding income but presented rent reversion opportunities and future development upside,” Mr Doyle said.
“121 enquiries were received or directly targeted via a coordinated national marketing campaign which resulted in multiple offers being presented for consideration.”
“The eventual buyer was engaged in Q4 2020 and after lengthy negotiations, contracts were signed in February 2021, for a combined value of $7.55 million,” Mr Aleckson said.
“The successful buyer – a private Sydney investor – was attracted to the large landholding, proximity to the CBD, road connectivity, and the high-profile nature of the site.”
“However, site constraints such as a waterway through the property, EMR listing, income security and multiple zoning had to be navigated to achieve a positive outcome,” Mr Anderson said.
“The process highlighted the significant demand for value-add investments within the Brisbane metropolitan region. The process also emphasised the importance of a thorough and extensive national marketing campaign.”