A sizeable 17,740 sqm site in one of Brisbane’s most tightly held industrial precincts, Hemmant, has sold for $5.9 million.
The 1300 Lytton Road property was sold with vacant possession to Firstrade Australia Group Pty Ltd - specialists in recycling, warehousing and distribution - with CBRE’s Ben Lyons negotiating the transaction on behalf of a private family.
The site comprises 4,376 sqm of floor area across three individual buildings, including two warehouses and a smaller front office and showroom.
Mr Lyons said the purchaser, which is currently situated in Geebung, was looking relocate to a larger and more versatile facility.
“The property’s vacant possession and its location just minutes away from Port of Brisbane and within the TradeCoast precinct, were highly attractive to the purchaser as an owner occupier,” Mr Lyons said.
“The market is currently experiencing a lack of industrial assets available to purchase both in investment grade and vacant possession. The lack of stock is causing a significant increase in demand for properties and driving competition amongst buyers – as witnessed in the sale of 1300 Lytton Road where we received over 15 enquiries and two strong formal offers. The market is also seeing multiple properties being sold in an off-market capacity due to this pent-up demand.”
Mr Lyons added that prospective purchasers were also interested in the ability to develop the site due to its low site cover.
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