MILTON PROPERTIES SELL FOR $9.5 MILLION
Written on the 24 October 2016
THREE properties in Milton owned by the owners of Toowong Milton Body Repairs have been sold to two buyers for a total of $9.5million.
Two properties - 10 Crombie Street and 38 Cribb Street Milton were sold for a combined $7.15million.
The 810sqm land parcel situated at 38 Cribb Street (pictured) was sold to Hong Kong-based Golden Horse Group, the developer behind Icon Milton. The property at 10 Crombie Street comprised 405sqm of land improved by a small office and warehouse building and was purchased to expand the group's development further.
A third property also owned by Toowong Milton Body Repairs at 9 Railway Terrace was sold to an adjoining private owner for $2.35million.
Toowong Body Repairs plan to relocate to a purpose-fit building in a more traditional light industry setting.
Chris Manteit from Toowong Milton Body Repairs says, "We have operated from our Milton site for 40 years, successfully servicing the local and greater Brisbane areas. We will be sad to leave, though look to our future with excitement as we begin construction on our new purpose-built facility. We believe this will strengthen our position in the market, and take our business to a new level."
The deals were negotiated by JLL's Christian Sandstrom and Sam Byrne together with Pat George and Philip O'Dwyer from Colliers International.
The formal expressions of interest campaign fielded a wide range of enquiry.
"The offers for sale attracted both local and interstate groups with a particular focus from owner occupiers wanting to capitalise on the change from light industry to medium density residential and commercial development in the suburb," says Sandstrom.
"Other interested parties included private investors wanting to refurbish the buildings into alternate uses like bars, cafes and convenience retail; this is a strong reflection the area and of the diversification buyers are considering for the area."
Located 1.5km from the CBD, Milton has an established residential population across both low and high density development.