- Prime location close to Brisbane Airport and major roads
- 9,403 sqm land and 5,218 sqm of improvements
- Two titles sold in one line
Two titles of Northgate property have been acquired by a private local investor from Neta Tire Service and Sales for $8.8 million.
Located at 87 Old Toombul Road and 12 Spiers Street, the properties are some 14 kilometres north of the Brisbane CBD and the industrial facility adjoins the Shorncliffe railway line.
The property is in a prime industrial location due to its proximity to Brisbane Airport and access to major roads including the Gateway Motorway and tunnel network. Old Toombul Road also feeds into Toombul Road, a major connector between Sandgate Road and the M1.
Knight Frank’s Paul Anderson said the campaign received 67 enquiries and seven offers:
“The sites offered an exceptional value-add opportunity to the purchaser, which was a strong drawcard in the current market.
“The successful purchaser intends to renovate the existing facilities at lease expiration and offer as refurbished leasing product.”
Andrew Doyle, of Knight Frank added that the property had three street frontages, providing scope for parties to drive through, especially if some of the built form was reconfigured.
“It also offers huge flexibility with the leasing strategy, with the potential for multiple tenants.
“Industrial leasing stock in the current market is also very tight, so we expect the renovated project to be reviewed very well by potential tenants upon completion.”
The two titles were sold in one line with a 12-month lease back to Neta Tire Service at a rate of $440,000 per annum net plus GST, equating to an initial yield of five per cent.
The industrial facility consists of 9,403 square metres of land and 5,218 square metres of improvements, including masonry and metal-clad office/warehouse facilities.
