A commercial building at Highgate Hill has sold for $3.2 million in a testament to the commercial market continuing strongly into the new year.
Colliers sold the 1,220 sqm* combined site to a local investor with long term aspirations to redevelop the site.
The site includes two freehold commercial buildings with a combined total of 742 sqm, both of which are occupied – one with a six-year lease term expiring February 2024 with option.
Colliers Queensland Director of Investment Services Samuel Biggins said transactions for sizable commercial sites are strong with the property receiving considerable interest.
“The property received over 80 enquiries which came as no surprise as it offers two adjoining, freestanding commercial buildings prominently located on an elevated site with CBD views opposite Brisbane State High School” said Mr Biggins.
“With both premises currently occupied, the purchaser was attracted to the opportunity due to the premium location and intends to reposition and re-lease with longer term aspirations to redevelop the site.”
“The heightened competition from interstate investors puts pressure on our local investors who have always kept a keen eye on opportunities within their home state, so we’re always pleased when deals work out locally.”
Colliers were appointed with a new strategy after failed attempts to sell by competing agents. The successful outcome was a result of Collier’s ability to leverage its Asia Markets
’ team’s reach.
Colliers Associate Director Asia Markets and Investment Services Tony Wang said the sale highlighted the company’s extensive investor list and ongoing focus on appropriately managing these relationships.
“With Colliers significant portfolio and Asia Markets reach we are able to successfully execute deals like this, and that puts us at a unique position in the market,” Mr Wang said.
“The sale was a fantastic outcome for both purchaser and vendor.”