QLDReal Estate Industry News

September springboard into commercial action

Brisbane commercial real estate agent Deepen Khagram has concluded the first month of spring 2019 with settlement on a $3 million-plus strawberry farm, which followed his $7 million-plus sale of a service station earlier in the month.

“September certainly has been active with interest from commercial property investors,” Mr Khagram said. “I’ve had a great deal of enquiry from buyers seeking retail driven assets.

“Anything with a strong covenant like service stations, childcare centres and shopping centres is sought after.”

The RE/MAX U agent said developer investors were chasing opportunities like the Pimpama strawberry farm site between Brisbane and the Gold Coast, where a strategic location is involved.

“The 1.15-hectare site has approximate highway frontage of 192.6 metres and is highly visible from the Pacific Motorway (M1), which means outstanding signage opportunity.”

He said the highway visibility at Pimpama created a lot of interest from national storage companies, however the property sold to a local Gold Coast-based buyer for $3.2 million + GST in a cash unconditional deal.

Mr Khagram was approached by a client to handle the purchase of the property on their behalf. He completed the negotiation in just one day.

“As part of our service suite, we offer a buyer agency service where we act on the client’s behalf,” he explained.

“We identify, negotiate and complete the transaction solely in the interest of our client, the purchaser.”

Mr Khagram’s $7.735 million sale of a Caltex-anchored service station in North Maclean, south of Brisbane, settled on September 18.

“We had very strong interest throughout the campaign, which resulted in six offers on the table. A private Gold Coast family company won it with a cash unconditional offer.”

Mr Khagram moves further into spring with settlement this month of a childcare centre in Bellmere, north of Brisbane.

Compared with the one-day deal on the strawberry farm, he said this had been a several-month long process.

“It was listed calling for offers over $4.5 million but an unconditional contract was signed sight unseen because the investor understood the nature of the asset they were purchasing.”

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