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Banyo and Northgate shine bright during COVID-19 pandemic

IN JULY 2020, Ray White Commercial Queensland settled around $8,500,000 of property deals in the Banyo and Northgate precinct alone, over two transactions.

The first transaction at Lot 2/71 Raubers Road(above) in Northgate traded for an undisclosed amount, but industry sources revealed the price was in the mid-three-million-dollar range.

The offering was a semi-modern industrial facility of 2,294sq m* and the site was purchased by a local owner-occupier whose business was going exceptionally well in current market conditions.

The second transaction at Lot 6/459 Tufnell Road(below) in Banyo settled for $5,300,000. The property was sold via a sale and lease-back process.

Moto National Accessories committed to a five plus five-year term, at a commencing rental of $328,125. The price achieved equated to an initial yield of 6.19 per cent, or $2,309psqm on GFA.

“We’re not surprised by the interest in the Banyo and Northgate precinct. Trains, planes, and automobiles drive industrial transactions, and this pocket ticks all those boxes,” said Ray White Commercial Queensland Manager Andrew Doyle.

“Further to the sales we’ve settled, we’ve observed another $22,000,000 in transactions through the Northgate and Banyo precinct since COVID-19. This definitely highlights the comfort level buyers have in this area,” said Ray White Commercial Queensland Manager Aaron Aleckson.

“In a market like the current one, it’s important as an agent to get a sense of what buyers want,” said Ray White Commercial Queensland Director – Brokerage services Paul Anderson.

“We clearly have that read now, and we’re very pleased to be offering a new opportunity in the Banyo and Northgate precinct – which is a brand-new industrial asset leased to Domayne”.

Ray White Commercial Queensland is offering Lots 16 and 17/62 Crockford Street(above) in Northgate for sale via auction on Friday 16 October 2020 at 10:30am.

The asset is a brand-new facility of 2,358sq m* on a 4,000sq m* allotment, leased to Domayne at an annual rental of $330,000* p.a. net, with a primary lease term expiry of April 2027.

*Approximately.

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