The head of Woolworths’ development arm has moved to sell a fully renovated mixed-use character building located in one of Brisbane’s most revered inner-city pockets in a bid to capitalise on the strong market.
Woolworths Group head of property development Matthew Franich has appointed CBRE, in conjunction with Glynis Austin Properties to sell New Farm Corner, a 397-square-metre property which comprises a luxury two-bedroom, three-bathroom apartment, with ground floor retail — currently leased to Snap Fitness on a long-term lease.
CBRE’s Michael Platsis said the opportunity to secure a quality footprint in one of the city’s most popular suburbs was expected to attract strong buyer interest from both local and offshore groups.
“New Farm is one of the most highly sought after and tightly-held precincts in inner-city Brisbane, which will attract interest from both a retail and residential investment perspective,” Mr Platsis said.
“Boasting a luxury residence and secure lease to a successful and established ground floor retail business, assets of similar quality in the New Farm area are rarely presented for sale.”
Originally constructed circa 1970, the character property was fully redeveloped by Mr Franich in 2010 to accommodate the high-end residence, which incorporates a large-scale entertaining area and outdoor terrace, CBRE said.
Mr Platsis said the property also presented a flexible ownership/investment structure.
“New Farm Corner presents investors with an opportunity to acquire a freehold investment property with potential future expansion, as well as an option to either live in the luxury apartment or lease straight as an investment,” he said.
New Farm Corner is being offered for sale by Expression of Interest, closing 25 August at 4pm.