An industrial facility with a high component of corporate grade office space has exchanged hands for $6.25M in a deal negotiated by Colliers International. The facility at 185 Queensport Road, Murarrie was purchased by a local business who are consolidating from four buildings in the same precinct.
“We saw strong interest throughout the campaign from owner occupiers who were attracted to the position adjacent to the Gateway Arterial” said David Gibson, Senior Executive at Colliers International who was marketing the property with Anthony White, Director at Colliers International. “The purchaser saw particular value in this asset as it allowed him to consolidate his business from a range of smaller buildings within the area”.
Situated on 10,200sqm of land, the 4,400sqm facility included a large component of corporate grade office space. This was the driver for the sale with the eventual buyer able to house 60 office staff plus a range of training facilities under one roof.
“We are seeing more corporate businesses who have traditionally leased property looking to take advantage of attractive borrowing conditions and purchase their own facilities” said Anthony White. “The extensive fit out allowed the buyer to move in with minimal downtime. They will make some changes in the medium term but for now the building has enough capacity to house their needs”.
Vacancy has been largely taken up with few options for occupiers looking for between 1000 – 5000sqm according to David Gibson. This limits the options for owner occupiers, with few vendors actively looking to sell their holdings. This lack of supply is likely to limit transactions to owner occupiers in the near term.