Last remaining shed in Newstead sells for $1.85M

A PRIVATE owner-occupier in the medical field has snapped up the last remaining shed in Brisbane’s affluent Newstead for $1,850,000 at 10 Masters Street.

The asset, that came with a 460sq m* site area and 310sq m* building area, comprised an existing warehouse facility.

The property, that had a development approval for a residential tower, was marketed and sold by Ray White Commercial Qld Senior Sales and Leasing Executive Aaron Aleckson and Director – Brokerage Services Paul Anderson.

Mr Aleckson said the expressions of interest campaign generated more than 100 enquiries and multiple offers.

“When the site was initially taken to market in late 2018, there was a large amount of enquiry from developers and owner-occupiers looking to capitalize on the value-add opportunity of the last remaining shed in Newstead,” he said.

“The sale is the second in the last year for us on Masters Street, having sold number 15 last year for $1,450,000, and we’ve seen the streets that link Commercial Road to Gasworks as the most hotly contested precinct in the City Fringe.”

Mr Anderson said the team had already sold the site to the current owners back in 2016 for $1,600,000 plus GST.

“This was an excellent outcome for the vendor with the current sale representing 14 per cent growth in three years,” he said.

“The site’s mixed-use zoning provided a diversified exit strategy for the owners. Whilst there’s an apartment DA in place, the successful buyer will be using the existing improvements for a medical use.”

*Approximately.