A Mt Gravatt East workshop/showroom property has sold for $3.85 million after a slew of interest.

Located at 11 Creek Road, the 1,690sqm property comprises a 670sqm brick building with an additional 72m of under-awning workspace, complemented by ample onsite parking and a sealed hardstand area.

The property was marketed by RWC Bayside agents Nathan Moore and Alex Sinclair on behalf of a local private investor.

Mr Moore said the property received a lot of interest throughout the four-week expressions of interest campaign.

“The campaign resulted in 98 enquiries, 13 inspections and 10 formal offers. The result of this was an unconditional contract that was signed within 48 hours of the close,” he said.

“The property presented a number of challenges for potential buyers, seeing as the previous tenant had vacated at the start of the year. The property has relatively low site coverage unlocking any additional usable space is quite difficult due to the location of the building and a straight knock down and rebuild could not be justified at the level the asset eventually sold at.

“With all that said, the property represents a tremendous land holding with visibility from a key intersection and the new owner will benefit from the versatility of the existing structure and the long term value in the land holding.”

The property was sold to YFG Shopping Centres who Mr Sinclair said owned the adjoining lot.

“The vendor was ecstatic with the offers that were received and the strong terms coupled with a record-breaking price made for a straightforward decision when it came to agreeing to terms with the eventual buyer,” Mr Sinclair said.

“The great result shows the demand for high-quality assets in good locations and also highlights the willingness for savvy investors to take risks on vacant properties.”

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