OzProp purchases $6.48m West Ipswich asset

Investment groups chasing commercial passive investments with upside

OzProp, a licenced boutique investment firm, has purchased a mixed use commercial investment in West Ipswich, for $6.48 million, to build up their portfolio.

The 2,850sqm modern two level building is prominently positioned on a large 7,032sqm site with ample parking at 260 Brisbane Street and houses APN News and Media, Cetnaj Electrical, Battery World and Bodieaz Fitness.

Hunter Higgins, Director of Investment Services at Colliers International who marketed the property via an Expressions of Interest campaign said they received enquiry from over 40 investors, both locally and interstate, including value add investors.

“We received a number of offers, however OzProp outperformed competing investors to secure the asset. OzProp have previously purchased another facility on the Sunshine Coast that houses APN News and Media which contained value add potential.

“They saw this site as a very similar asset and were confident in purchasing because they had previous dealings with the anchor tenant being APN who occupy 1,213sqm of the building until June 2019.

“There are a lot of groups looking for passive investments with upside and value add potential that are strategically located. In this property’s case, the level of quality surrounding retailers is the true reflection of growth and productivity in the area.

“Due to the high traffic flow and close proximity to the CDB, Brisbane Street has been ignited as a destination for major bulky goods and retailers including the brand new $46 million Bunnings warehouse facility,” said Mr Higgins. 

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