Two Woolloongabba car dealerships sold in off-market deals
Two prime Woolloongabba sites currently operating as car dealerships have changed hands off-market in separate deals.
Both were negotiated by Elliott O’Shea and Seb Turnbull of JLL’s Sales & Investments, Queensland.
The high-profile sites located at 187 Logan Road (pictured above) and 179 Logan Road (pictured below) changed hands for $4.9 million and $10.75 million respectively.
O’Shea said: “The deals were struck off market after two private investors made approaches through JLL. The buyers were drawn to the future development upside offered by the sites, alongside the rapidly changing landscape of Woolloongabba.”
The properties are situated opposite Pellicano’s transformational South City Square development along Logan Road and within 1.5 kilometres of the Brisbane CBD.
Both sites are improved by showroom/warehouse facilities and the vendor’s existing businesses will continue to operate through longer-term lease arrangements.
The increase in buyer interest in Woolloongabba follows the recent commitment to Brisbane’s Cross River Rail project.
O’Shea noted the effect this has had on the 'Gabba market, saying: “Woolloongabba will be a primary beneficiary of this infrastructure. It is already a very exciting precinct and given its proximity to the CBD, it is reasonable to expect greater levels of development will follow over the next 10 years.”
