Moffat Beach industrial shed sells at jaw dropping price at auction

A feeding frenzy unfolded between nearly 30 bidders attempting to secure a ‘basic’ industrial shed which has sold at a price that’s more than most Sunshine Coast homes.

Experienced Sunshine Coast real estate agents were left scratching their heads after a “ridiculous” auction result for a basic industrial shed at Moffat Beach.

In a sign the region’s commercial property market is booming the 49 Allen Street shed attracted a feeding frenzy between almost 30 registered bidders, in front of a 70-person crowd.

NAI Harcourts Noosa commercial agent Nathan O’Neill said the shed sold under the hammer for $1.24m.

Mr O’Neill said it was a “ridiculous” result for the ecstatic owners.

“We had 150 inquiries, almost 30 registered bidders, 42 bids all up, it went off,” Mr O’Neill said.

“It went way over the reserve, quite astonishing.”

The latest property data showed the Sunshine Coast has a median house price of $830,000.

Mr O’Neill said the vacant 340sq m shed sold to a local buyer following the heavily fought auction last week which was largely driven by Sunshine Coast residents.

“The sale shows there’s lots of investors in the market, most houses don’t get that many bidders,” he said.

“That little industrial estate has been so quiet for so long. But it’s just gone off.

“It’s been easy to talk about the strong residential market but with investors finding it hard to get a look in, overflow to the commercial sector was inevitable.”

Mr O’Neill said he had received calls from fellow commercial agents asking him if the result was true.

Core Logic data revealed the property was owned by Chloe Kopilovic and Glenn Ferguson, of Maroochydore.

The data showed the pair purchased the property in 2002 for $190,000.

Almost 30 registered bidders fought in front of a large crowd to bag the shed, located at 49 Allen Street, Moffat Beach.

It comes as industrial and commercial buildings across the Sunshine Coast are being snapped up quicker than ever with demand far outstripping supply.

Ray White Commercial Northern Corridor principal Michael Shadforth said there was a critical need for more industrial space across the region.

“We need to give businesses the confidence to be able to expand,” he said.

“Around the end of 2019 there were signs there could be a shortage and mid-2020 that’s when it really started to hit.

“In the next two to three years it will only get worse.”