East Brisbane Freehold Sold for $1.385 Million

East Brisbane Freehold Sold for $1.385 Million

A freehold office/warehouse building with redevelopment upside in a prime position at East Brisbane has been sold by Ray White Industrial Milton for $1.385 million.

The property vacated by owners RJ Dental at 155 Wellington Road, East Brisbane, was sold to a Brisbane investor by Ray White Industrial Milton’s Aron Burtenshaw following an Expressions of Interest campaign.

Aron Burtenshaw said there was keen interest in the property, which RJ Dental offered for sale due to their relocation to Mansfield.

“There were 12 genuine enquiries and six inspections during the first two weeks of the marketing campaign,” he said.

“This lead to three written offers and the property being put under contract three weeks into the five-week campaign.

“The successful purchaser was Banner Specialists, a very successful locally owned business run by Peter Bailey and his family. They have purchased as a long-term investment and we are now seeking a quality tenant for the space at $80,000 gross per annum.”

Aron Burtenshaw said the approximately 408 sqm building on an approximately 405 sqm site enjoys excellent exposure to one of Brisbane’s main arterial roads.

“East Brisbane is a highly-sought after commercial and residential location with easy access to the Brisbane CBD and Brisbane Airport,” he said.

“The building provides a combination of ground floor office with workshop, first floor office mezzanine and wrap around high bay clear span warehouse.”