Toyota dealer buys Brisbane site
An entity associated with the Scifleet family – which retains several south east Queensland Toyota dealerships – has bought a major site near a car yard, in Brisbane’s north Brendale.
The 4.93 hectare cleared but raw, or un-benched, industrial tract, 181 South Pine Road, cost $23 million.
The result – $466 per square metre – compares to benched level and ready to develop comparable size blocks in the area – c$950 per sqm, according to Cushman Wakefield’s Morgan Ruig, who marketed the property with Mitch Taulelei and Myles Fredericksen.
“Brendale is considered one of Brisbane’s most tightly held industrial precincts with remaining vacant land almost completely accounted for,” he said.
“We’re reaching a point where land scarcity will start driving values higher again,” he added.
Ten offers came in following an off-market expressions of interest campaign.
Brendale is about 20 kilometres from the CBD.
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