A Sydney investor has purchased a 1.67 hectare amalgamation of industrial properties at Brisbane’s north Kedron.
The sites, 531A-537 Gympie Road and 21 Kate Street, traded for $7.55 million.
Several ownership groups banded to create the listing, which was then marketed to investors and developers.
More than 65,000 cars a day pass the Gympie Rd component.
A waterway runs through part of it (story continues below).
“The property was offered to market with substantial holding income but presented rent reversion opportunities and future development upside,” according to Ray White Commercia’s Andrew Doyle, who brokered the deal with Michael McCullagh, Aaron Aleckson and Paul Anderson.
“The north side of Brisbane continues to thrive, and as we’ve seen in the last year, any sort of development site this close to the CBD will attract huge interest and fetch a premium price,” he added.
“The successful buyer…was attracted to the large landholding, proximity to the CBD, road connectivity and the high-profile nature of the site”.
Kedron is about seven kilometres from the city.