Demand for property near new Caboolture West precinct soars
Plans to create a suburb the size of a small city has developers snatching up anything they can in the northern corridor – with some commercial properties selling for more than $22 million. SEE THE LIST OF TOP SALES
Moreton
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Confirmation the Caboolture West project is going ahead and a population boom has developers and investors buying up big between North Brisbane and the Sunshine Coast – with the Moreton Bay region a hot spot.
Ray White Northern Corridor Group has experienced a surge in sales, despite the economic downturn created by COVID-19.
The agency is crediting the predicted population boom and proposed new developments – such as Caboolture West.
It will be bounded by the D’Aguilar Highway to the north, Caboolture River Road to the south and west of Old North Road.
Developers are already buying up the rural blocks for millions and lodging plans with Moreton Bay Regional Council to transform them into housing estates.
But it is not just potential residential blocks investors and developers are interested in.
Ray White Northern Corridor Group Senior Anaylst Ashely Rees said in the past 18 months sales had boomed.
An investment syndicate purchased a multi-tenanted showroom centre at Burke Crescent, North Lakes, sold for $22.5 million.
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Another tenanted investment at 774 Gympie Road Lawnton, currently leased by Dulux Trade Centre, Wheelhouse Coffee, Crow N Arrow and Anytime Fitness, sold for $5.7 million.
The top selling properties in Caboolture industrial and commercial hubs have sold from $3.5 -$1.8 million.
On top of these sales Ray White has $23 million of additional properties under contract across the Moreton Bay region.
An industrial site at 2/84 Leer Jet Drive Caboolture sold just this week for $850,000, after just seven days on the market.
“This latest sale on Lear Jet Drive brings the total to over $18 million in property sales by our team on Corporate Park alone in the last few years,” Mr Rees said.
“Watch for the industrial market to really boom between North Brisbane and the Sunshine Coast in the next two years.
“Major players are positioning themselves behind the scenes to capitalise on Aura, North Harbour and Caboolture West and demand is already outstripping supply.”
“The bounce back in activity since the end of April has been quite dramatic, with our team conducting up to one hundred inspections some weeks.
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“In July alone we received 206 offers to lease or purchase property, which is a record for our group.”
Ray White Northern Corridor Group Director Chris Massie said it was just the latest example of how well Moreton Bay commercial properties were being received.
“It’s interesting that out of town investors seem more comfortable than the locals with the strength of the Northern Corridor.” Mr Massie said.
“It’s easy for us to look at things the way they were as locals and forget that we’re in the middle of one of the largest growth corridors in Australia.”
Ray White Northern Corridor Group
Top commercial sales past 18 months
■ 4-8 Burke Crescent, North Lakes
– sold for $22,500,000
– Multi tenanted showroom centre, including 99 Bikes, Croc’s Playcentre and Embrace Life
– Bought by investment syndicate
■ 774 Gympie Road, Lawnton
– sold for $5,700,000
– Fully tenanted investment, including Dulux Trade Centre, Wheelhouse Coffee, Crow N Arrow and Anytime Fitness
■ 34-36 Cessna Drive, Caboolture
– sold for $3,500,000
– Industrial tenanted investment in Caboolture’s Corporate Park
– Bought by local investor
■ Corporate Park East, Caboolture
– Under contract for $2,780,000
– Bought by developer
■ 55 Lower King Street Caboolture
– sold for $2,100,000
■ 72 Lear Jet Drive, Caboolture
– sold for $1,800,000
– A fully-leased freehold industrial property boasting two well-established tenants, sold off-market
– Bought by local investor
■ 37 Sunderland Drive, Banksia Beach
– sold for $1,650,000
– It was a vacant office building
– Bought by medical owner occupier, who opened the new Bribie Doctors medical centre on March 16.
■ 28-30 Huntington Street, Clontarf
– $1,600,000
– Tenanted Self Storage facility with 68 storage sheds inside the Clontarf Industrial Estate.
– Bought by southern investor