Dual Northgate lots sold for $2.4 million to syndicate

Dual lots in the north Brisbane suburb of Northgate have been bought by a private syndicate for $2.4 million.

Lot 2 and Lot 3 at 62 Crockford Street came with a combined 4,000 square metres of land area and 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.

Anderson said the lots were sold by vendor Chuan Xin Pty Ltd with a sales rate of $600per square metre, plus GST.

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

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,” Aleckson said.

Doyle said the strategic location of Northgate was an attraction to various prospective buyers.

“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,” Doyle.