A PRIVATE Queensland-based investor has purchased a converted warehouse in Brisbane’s West End for $2,700,000 at 18-20 Bailey Street.
The property, that came with 1,217sq m* building area and 861sq m* land size, was sold via offers to purchase during COVID-19 restrictions.
The asset was marketed and sold by Ray White Commercial QLD Investment Sales Michael Feltoe and Lachlan O’Keeffe.
Mr Feltoe said the converted warehouse was rich in character and suited a wide array of uses that included commercial/residential occupiers, developers and investors.
“The campaign generated a total of 47 enquiries, and despite the increasing COVID-19 and lockdown pressures, the asset was sold cash unconditional with a short settlement,” he said.
“The property comprised an older style converted warehouse with a circa $1,000,000 fitout, including full video and audio equipment, a 200-plus seat auditorium with extensive amenity, office space, mezzanine area and open floor space.
“The asset was zoned for High-Density Residential up to eight storeys and had an approved material change of use to a place of worship.
“This deal is a perfect example that, despite all the doom and gloom predictions, core property fundamentals such as location will continue to be highly sought after, and will drive competitive prices during these times of restrictions.”
Mr O’Keeffe said the property was originally scheduled to go to auction in the auditorium but was changed to an offers to purchase process.
“This was a proactive move on our part as we anticipated the government’s expected closure of on-site auctions following increasing COVID-19 pressures,” Mr O’Keeffe said.
“The site had previously been owner-occupied by a church group, Lifeplace, for more than 17 years.
“The church group has since moved from the property and it was subsequently sold as vacant possession to the incoming purchaser.”