Queensland industrial site snapped up for $1.3 million

A 4,047 square metre Queensland industrial property has been purchased for $1.3 million plus GST.

The site, at 67 Radley Street, Virginia, was purchased by Corbsmoothy Investments Pty Ltd from S & B Carew Pty Ltd.

It is a vacant industrial land site, with general industry zoning, of regular shape and providing 40 metres of frontage to Radley Street.

JLL’s Brendan Delahunty and Chris Davis negotiated the sale.

“The property presents one of the last remaining land parcels within the tightly-held Northern Industrial precinct of Virginia,” according to Delahunty and Davis.

“It has been purchased by a local owner and developer with the intention to speculatively build a circa 2,200 square metre industrial facility.”

It was noted that there is a very limited supply of prime grade buildings in the 1,000 to 3,000 square metre size range on the north side of Brisbane, so strong interest was received for the listing.

Back in 2012, the property was sold for $1.15 million plus GST to an owner occupier with apparent plans to develop a cold storage facility for dairy products.

Raine & Horne Commercial, who organized the previous sale, noted that it had been occupied by Arrow Caravans since 2002, when they expanded from 38 Radley Street, which had been their premises since 1988. In 2012 they sold due to a Sandgate Road relocation opportunity.