- FIRM TAKES WALK ON NORTHSIDE - 20.03.2015
FIRM TAKES WALK ON NORTHSIDE - 20.03.2015
A FLOOR-covering business has put its foot on a refurbished industrial facility on Brisbane’s northside in a preauction deal.
Bautex Floors paid $2.25 million for the property at 125-129 Delta St, Geebung.
It purchased the facility comprising 1918sq m of industrial space on a 3031sq m site just days before it was due to go under the hammer.
The building is split into two tenancies and was sold with 1354sq m vacant, which the new owner has occupied.
The other 564sq m tenancy is leased to an industrial fabric supplier, generating a rental income of $63,500 a year plus GST and outgoings.
Lawrence Temple of Raine & Horne Commercial negotiated the sale and said the property had not changed hands in almost 40 years.
“With the vendors being faced with a 70 per cent vacant building they decided to capitalise on the strong sales market, coupled with the fact there was minimal competing stock within the marketplace at the time,” he said.
Mr Temple said the building had been completely refurbished over the past five years “so there was nothing to spend. He said inquiries were fielded from 28 potential buyers, reflecting a strong resurgence in demand from owner-occupiers. Bautex Floors has relocated from premises at 71 Riverside Drive, Morningside.
“The purchase was an ideal fit for them,” Mr Temple said. “The building suited their requirements straight away, no building modifications were required’..