Syndicate snaps up dual Northgate lots for $2.4M

A PRIVATE syndicate has snapped up dual lots in the north Brisbane suburb of Northgate for a combined $2.4M at Lots 2+3/62 Crockford Street.

Both the lots came with a combined 4,000sq m* of land area and also offered potential buyers General Industry (A) Zoning.

The off-market deal was negotiated and secured by Ray White Commercial Queensland Director – Brokerage Services Paul Anderson and Senior Sales and Leasing Executives Aaron Aleckson and Andrew Doyle.

Mr Anderson said the lots were sold by vendor Chuan Xin Pty Ltd and it was positive to see the estate finish off with a sales rate of $600psqm plus GST.

“The initial sales a couple of years ago were in the low $400’s, and last year, all the sales were in the $500’s,” Mr Anderson said.

“On reflection, the market has priced-in the limited supply, as there really isn’t any small industrial lots available in the entire precinct now.”

Mr Aleckson said the buyers have already approached architects and had plans in place for the site’s future development.

“This will be a premium industrial project, tailored to meet the needs of corporate occupiers,” Mr Aleckson said.

Mr Doyle said the strategic location of Northgate on its own was an attraction to various buyers throughout the off-market campaign.

“It offers the many benefits associated with being right on the Gateway Motorway, with easy access to Brisbane Airport, the CBD and Airport Link Tunnel network,” Mr Doyle said.

*Approximately.