BIG BRISBANE DEAL FOR COLLIERS
Written on the 25 October 2013
A BRISBANE car dealer has bought almost 10,000 sqm of south-side industrial property in a deal negotiated by Colliers International.
Cricks Auto Group purchased the 11-15 Dividend St Mansfield site to house its corporate headquarters.
A service centre supporting its recently opened Cricks Mt Gravatt retail location at 1323 Logan Rd, Mount Gravatt East will also be located at Mansfield.
Colliers’ Marcus Webb, pictured, and Anthony White facilitated the sale on behalf of vendor APA Group, which is Australia’s largest natural gas infrastructure business owning or operating $12 billion in energy assets.
Webb says the Mansfield property went to market via a wide-ranging and high-profile expression of interest marketing campaign.
“During the eight-week marketing campaign we had over 370 views of the webpage advertising the property for sale, which resulted in 14 enquiries and three parties submitting offers to purchase the property,” he says.
“At the end of the day Cricks Auto Group made the best offer.
“They saw the opportunity to transform the site into a large corporate headquarters and service centre for the company – the latter of which will be one of their largest in Australia.”
White says the Mansfield property was offered for sale in one line or as individual components and, while there had been enquiries from buyers for both options during the campaign, Crick Auto Group had chosen to purchase the entire offering.
“The Dividend St property is a unique property, but it suited the buyer perfectly, enabling them to house not only their corporate headquarters, but also a service centre.
“In addition, there is the opportunity for Crick to expand further in time if they need to, with the vacant land providing the potential for further development.”
Webb says the level of buyer interest in the Mansfield offering is indicative of the fact that it is a unique property, but also that it is in a sought after location.
“Mansfield is a very tightly held infill location in Brisbane.
“It is a well-established industrial hub that has long been the ideal location for many national companies due to its proximity to the Gateway Motorway – which is less than two radial kilometres away – as well as the Pacific and Logan Motorways.
“Mansfield is also only around 11 km from the Brisbane CBD and is well connected to the Port of Brisbane due to its easy access to the Gateway Motorway.
“It offers excellent transport connections in all directions.”
Mr White adds the interest shown in the Dividend St site is also evidence that the industrial market is performing well.
“The number of buyers making offers, either verbal or written, for this property is a very positive indication that the market sees value in quality assets, and has confidence in the commercial property sector,” says White.
The property at 11-15 Dividend Street is comprised of two components:
Lot 1 – improved land (consisting of two separate freestanding buildings – one of which is an office building of 1340 sqm and the other is a 1545 sqm warehouse - on 7110 sqm of general industry zoned land);
Lot 22 – unimproved industrial land (a 2313 sq m vacant parcel of land).