A Slacks Creek industrial property located at 15 Herbert Street has broken a precinct record selling for $600/sqm, thanks to a strong marketing campaign by Ray White Industrial (Southwest).
The property was marketed together with another site at 4 Bowen Street which also achieved a high rate per square metre.
With a combined building area of 470sqm on 3081sqm, the properties sold separately for a combined price of $2.3 million.
Ray White Industrial (Southwest) listing agents Jaems Balfour and Lachie Hale said the sites attracted a lot of interest from both local and interstate developers, however the properties sold to local owner occupiers who intend to develop the properties later.
“Vacant sites and sites with low site coverage are becoming scarce in all areas of Logan,” Mr Hale said.
“Sites this close to Moss Street do not come online to occupy very often.”
Mr Hale said industrial sites were in strong demand and were often being sold in off-market campaigns, which could lead to vendors missing out on higher premiums.
“The market is certainly the strongest I have experienced with prices continuing to rise in all areas as well as yields sharpening for investors,” he said.
“We are finding very little stock is making it to the market with the majority of transactions being done off-market.
“However, without putting the property online to the whole marketplace, owners could be costing themselves hundreds of thousands in this market due to the strength of the online campaigns.”
