REAL ESTATE: $1.12m sale for prominent highway warehouse
ROCKHAMPTON has indicated a strong start to the year with high real estate sales in January and it is proving to have continued again in February.
Commercial real estate agent Diane Edwards at LJ Hooker Rockhampton said the market was "definitely picking up speed, which is great”.
Ms Edwards' most recent sales include 127 Gladstone Rd, Allenstown.
The site sold for $1.12million and consists of a 480sqm warehouse and 270sqm showroom and offices on a 1935sqm block of land.
It was previously leased by Elders.
New tenant Positive Batteries is now paying $90,000 per annum.
In Kawana, Unit 1/92-98 McLaughlin St sold for $350,000 to an owner-occupier with a mechanical business.
"The buyers of both these properties are locals and investors are seeing potential in the region again after a couple of years,” Ms Edwards said.
"It's good to see local buyers getting confidence back in the market.”
Ms Edwards also noted the leasing market had gained a lot of momentum.
"I have been consistently leasing to local community groups and businesses over the past couple of months, so there's confidence returning to the leasing market as well,” she said.
She said this momentum could be attributed to action in the Rockhampton economy due to the council and State Government spending money on infrastructure .
"The jobs coming through mining and resources brings more confidence into the property market and creates a domino effect in the economy,” MsEdwards said.
What Ms Edwards has found now is she has investors looking for tenanted investments in Rockhampton but not enough properties to fill the demand.
"I am constantly looking for new stock,” she said.
Keeping a tab on the other side, Ms Edwards said the residential market was also going well.
"The residential market is also coming back with news of rental vacancy rates at 2per cent ... and this also has a positive effect on the commercial - they can bounce off each other,” she said.
Looking to the rest of the year, Ms Edwards is expecting the market to continue on an upward trend.
"It's so good to see Rockhampton's economy in general turning upwards again.”
127 Gladstone Rd, Allenstown: $1.12m
1/92-98 McLaughlin St, Kawana: $350,000
Sterling Place: 152-156 Bolsover St, Rockhampton City: $5.1m
QML Building: 1/28 Bolsover St, Rockhampton City: $2.8m
Old Post Office Hotel site: 161 Musgrave St- $3.2m