AN owner-occupier has purchased a freehold commercial building with development approval in the ever-popular Brisbane suburb of West End for $2.5 million at 292 Montague Road.
The 554sq m* site ideally sits on the corner of Montague Road and Vulture Street, two of the area’s main thoroughfares, and enjoys unrivaled access to affluent West End.
The property was marketed and sold by Ray White Commercial QLD Managing Director and Partner Michael McCullagh and Manager Sam Parker.
“We received strong interest from developers given the existing DA for five retail suites and office extension, but the asset was sold to an owner-occupier who plans on occupying part of the project, and then develop and retain the balance as an investment,” Mr McCullagh said.
“Their business is expanding, and they were unable to keep growing due to their current premises restricting employee growth, and they decided to buy rather than lease a larger space.
“We’re seeing very strong demand from both investors looking for value-add opportunities, as well as owner-occupiers.
“The low interest rate environment is driving a shift towards buying your own building rather than leasing right now.
“Despite the trend of owner-occupiers and the discourse surrounding office and retail leasing, there’s still demand from investors prepared to take on strategic leasing risk in good locations to add value to underutilised assets.”
“The competitive marketing campaign highlights the strong demand for freehold city fringe assets by generating over 110 enquiries and 11 offers to purchase,” Mr Parker said.
“The warehouse space is accessible via Vulture Street with rear driveway access allowing for convenient loading and unloading capability.
“The upstairs office space has been recently refurbished to a high standard and is equipped with two private offices and toilet and shower amenities.”