Rocklea freestander attracts North Queensland buyer

17 May 2019

A 3,400sq m industrial freestander in Rocklea has transacted for $3.65 million to Mylrea Family Holdings Pty Ltd, who have plans to develop the site in the near future.

The property located at 1644 Ipswich Road was sold by Industrial and Logistics Executive, Jack Barrett of Savills in an off-market sales process.

According to Mr Barrett, the North Queensland investor will develop the site in the next 24 months and then occupy the premises themselves.

“The purchasers had been looking around for quite some time and needed a building with fantastic exposure for their operations and a decent hardstand component for container set down,” he said.

Mr Barrett said the purchaser saw great potential to redevelop this site due to the 32% site cover and prominent Ipswich Road position.

The property features 3,400sq m of office and warehouse space, 4,000sq m of hardstand area, 3-phase power, staff and customer parking, holding income plus huge exposure to the Ipswich Motorway.

“There was strong interest on the property throughout the sales campaign, with multiple offers leading to a bidding war between the interested parties,

“There has been a strong uptake in sales to start the year, however due to the lack of current investment stock there tends to be more transactions within the owner-occupier market,” Mr Barrett said.

 
 

Key Contacts

Jack Barrett

Jack Barrett

Executive
Industrial & Logistics

Brisbane

+61 (0) 7 3002 8914