A MULTI-TENANTED commercial asset has smashed its reserve price, as 493 Ipswich Road in Brisbane’s Annerley sold for $5,160,000 at auction, a whopping $360,000 above expectations.
The property, that came with a 763sq m* NLA (ground floor), offered fantastic exposure and came with 48* car parking spaces on the title.
The asset was marketed and sold under the hammer by Ray White Commercial Gold Coast Property Specialists Ryan Langham and Thomas Clark.
Mr Langham said the deal was the anchor of more than $10,000,000 worth of commercial property sales achieved in the month of February for the duo.
“Thomas and I made the decision to partner under the Ray White Commercial banner late last year (2019) and we haven’t looked back since,” he said.
“Bringing the database and knowledge together has created a true force in assisting both sellers and buyers in the current market activity.
“We aim to be the go-to team for all commercial sales with a network to service everyone throughout Queensland and northern New South Wales.
“More than $10,000,000 achieved for our vendors in one month alone is a great milestone for us but we aspire to go on to even bigger and even better than that.”
Mr Clark said the auction campaign for 493 Ipswich Road attracted more than 50 enquiries with interest coming from passive investors, local, interstate and international.
“We had seven registered bidders battling it out on the day and it took 24 bids for the price to be driven up from $3,500,000 to the sale price of $5,160,000 – way over expectations,” he said.
“The buyer looked into purchasing the property 24 hours before the auction through contact via our database.
“This gentleman has a Southeast Queensland property holding value of $300M* consisting of fuel stations, shopping centers and retail holdings.
“The market is extremely active with more buyers than you can poke a stick at and this is evident with the number of bidders and enquiries.”