Commercial market moves surprise seasoned Rocky agent
IT'S a trend which is surprising even seasoned Rockhampton real estate agents.
LJ Hooker Rockhampton's Brian Geaney, who's been working locally since 1984, said vacant commercial properties were usually hard to shift, with a preference among buyers for an already leased building they can invest in.
But that trend has started to reverse with a number of recent sales which he believes point to a growing business confidence in Rockhampton.
Mr Geaney said he had recently sold a number of vacant properties to businesses looking to simply move or expand their offering in the region.
He said this could be influenced by good interest rates, but was also a sign the business market was strengthening as people invest in the future.
One of these buildings in the CBD, 87 Denham St, was a prime example of this trend.
He said the building, which has its own car parking as well as on-street spaces, had been on the market for lease for some time, but was snapped up faster when offered for sale.
It was last listed at $550,000, however no final sale price has been disclosed.
Mr Geaney said the property was sold to a local business looking to expand into a bigger site and would be fully renovated.
There have been a number of other large commercial sales in the region in the past month.
An industrial building at 164 Maloney St, Kawana, was sold for $725,000 on August 15, while the freehold of a Berserker mechanical workshop at 72 Richmond St was sold for $530,000 on August 28.
Herron Todd White's August report also reflected this increased activity by owner-occupiers, with the report finding most activity in the $750,000 to $1.5 million price bracket.
The report cited the sale of an Alexandra St warehouse for $1.3 million to an owner-occupier.
The company concluded this trend was likely to continue in the medium term as a result of interest rates and good market conditions.
COMMERCIAL PROPERTIES FOR SALE IN THE REGION
- Clifford Food Services, 81 Alma Street, Rockhampton City - offers to purchase
- 146 William St, Rockhampton City - $469,000
- 2B Denham St, Rockhampton City - $600,000/lease $40,000pa
- 88 William St, Rockhampton City - $950,000 + shop stock at valuation
- 236 Canning St, Allenstown - $819,000
- 190 Alma St, Rockhampton City - $1.35 million (with two tenants)
- 178 Gladstone Rd, Allenstown - $1.5 million
- 125 William Street, Rockhampton City - $1.4 million (freehold)
- 50 Main St, Park Avenue (fully approved child care site) - $725,000
- 29 Alma St, Rockhampton City - $3.5 million (freehold)
- 206 Alexandra St, Kawana - $1 million
- 71 Archer St, Rockhampton City - $750,000