Local operator buys vacant Geebung facility for $6.6m

Prime industrial property in Geebung was purchased vacant from Centuria Property Funds for $6.6 million excluding GST. The buyer, a local owner occupier, plans to operate their business from the premises.


The property which comprises 6,476sqm GLA on a 11,810sqm site at 85 Prosperity Place was recently refurbished by Centuria Property Funds.


Joint Marketing agents Brian Riches and Matthew Frazer-Ryan of Colliers International and Michael Callow and Morgan Ruig of Wright Property marketed the property via an expression of interest campaign in March this year.


Mr Riches said they received around 20 enquiries in total and three offers from a mixture of local and interstate investors and one local owner occupier.


“It is very difficult to find a vacant industrial facility of this size and quality on Brisbane’s northside so the local owner occupier jumped at the opportunity and in the end was the purchaser.   


“They found the facility suited their requirements given it is a high clearance warehouse, fully sprinklered and features abundant staff car parking. The location was a key attribute as well, being situated within the heart of an established and tightly held industrial precinct of Geebung.


Mr Callow added “The owner occupier had been in and out of the market over the past seven years however secured the property based on the opportunity to expand their operations quickly as opposed to having a premises built.


“Owner occupier activity had continued to increase in the past six months in the industrial market as purchasers look to take advantage of favourable borrowing conditions.’’


The property comprises a modern office/wearehouse facility of concrete dado construction built in circa 1997, featuring 449sqm of single level office and 6,027sqm of high bay warehouse space. The onsite car park features 59 car spaces. 

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