Last remaining shed in Newstead's medical field sells for $1.85 million
A private owner-occupier in the medical field has snapped up the last remaining shed in Brisbane’s Newstead for $1.85 million.
The property at 10 Masters Street comes with a 460sqm site area and 310sqm building area, comprised an existing warehouse facility.
It also comes with a development approval for a residential tower.
The property was sold by Ray White Commercial Qld agents Aaron Aleckson and Paul Anderson.
Mr Aleckson said the expressions of interest campaign generated more than 100 enquiries and multiple offers.
“When the site was initially taken to market in late 2018, there was a large amount of enquiry from developers and owner-occupiers looking to capitalize on the value-add opportunity of the last remaining shed in Newstead,” he said.
“The sale is the second in the last year for us on Masters Street, having sold number 15 last year for $1,450,000, and we've seen the streets that link Commercial Road to Gasworks as the most hotly contested precinct in the City Fringe.”
Mr Anderson said the team had already sold the site to the current owners back in 2016 for $1,600,000 plus GST.
The current sale represents 14 per cent growth in three years.
The site's mixed-use zoning provided a diversified exit strategy for the owners.
Whilst there's an apartment DA in place, the buyer will be using the existing improvements for a medical use.
