CSR Limited sheds another site
CSR Limited has shed another asset, this time in Brisbane’s Albion.
The 2432 square metre Industrial 1 zoned block with three freestanding office/warehouses at 9-19 Bimbil Street fetched $6.05 million from a private investor.
It is the buyer’s maiden Queensland investment, according to JLL selling agents Sam Richards ad Marshall Smith.
Thirteen offers came in, they added.
The deal comes four years since CSR offloaded major west Sydney industrial sites.
Revamp then redevelop plan
The incoming owner will refurbish the existing buildings while looking to a longer-term redevelopment.
“In a rare occurrence for the suburb of Albion, the properties remained unaffected during Brisbane’s major flood events in 2011 and 2022,” the agents said, acknowledging a buyer concern.
“There’s strong demand from occupiers looking for functional office and warehouse space in well-connected locations that sit outside the flood zone,” Mr Smith added.
“Given the strategic position of this holding, it will continue to be a sought-after asset as Albion evolves,” according to the executive.
Six kilometres north of the CBD, and 400 metres from Albion train station, the result prices the land at $2583 per sqm.
“Albion is undergoing a transformation, and this site is exceptionally well placed to capitalise on that momentum,” Mr Smith said.
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