AN owner-occupier has snapped up a vacant industrial unit in the Moreton Bay Region of Caboolture for $345,000 under the hammer at 1/1 Lear Jet Drive
The 194sq m* strata unit was on the popular Corporate Park Estate and drew strong interest from both investors and owner-occupiers throughout the four-week campaign.
Ray White Commercial Northern Corridor Group Principal Chris Massie said it was one of the more hotly contested auctions of the year for the office.
“We had 20 genuine enquiries and 10 inspections and that resulted in having eight registered bidders on the day, some of whom hadn’t even inspected previously,” Mr Massie said.
“Bidding started at $200,000, and after more than 30 bids from five different bidders the hammer fell, selling well over reserve at $345,000.
“This particular property came with an air-conditioned office/reception area, high bay electric roller door, three phase power, full glass frontage, on-site car parking, and is just minutes from the Bruce Highway.”
Ray White Commercial Northern Corridor Group Sales and Leasing Executive Aaron Canavan said the sale provided more evidence of a growing trend in increasing appetite for vacant properties with good features.
“Competition is so strong, vacancy levels are so low and population growth projections are strong enough that educated buyers are comfortable taking on a little risk for the right property,” Mr Canavan said.
“Demand is being further fueled by speculation of another impending interest rate cut, with no likely change until the confidence impact of the 2020 US election process takes effect.”