Developer Buys Inner Brisbane Building for $3.7 million

Developer Buys Inner Brisbane Building for $3.7 million

A showroom/office and manufacturing facility at Teneriffe in inner northern Brisbane has been sold for $3.7 million by Ray White Industrial Milton to a local developer who will seek to build an apartment complex on the site.

The property on a land area of approximately 847 sqm at 33 Wyandra Street, Teneriffe, was sold to the private developer following an Expressions of Interest campaign by Ray White Industrial Milton’s Paul Anderson on behalf of Banhill Pty Ltd.

Paul Anderson said the building is currently leased to micro-electronics manufacturer Crystalaid Manufacture Pty Ltd and generates net holding income of approximately $153,000 per annum.

“We received three Expressions of Interest and two were in very close contention,” Mr Anderson said.

“The owner selected the winning contract based on the price and favourable conditions. The contract was unconditional within seven days.”

Paul Anderson said the purchaser intends to develop apartments on the site, subject to preparing plans and obtaining council approval.

“The property enjoys almost 20m of frontage to Wyandra St and is zoned QPPP-MU1 Mixed Use (Inner City),” he said.

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