A syndicate of private investors have snapped up a freestanding commercial property located on the fringe of Brisbane’s CBD in a deal worth $3,088,000.

Situated at 107 Quay Street, the inner-city property boasts 1,106sq m of net lettable area over three storeys, with car parking facilities to accommodate 20 vehicles.

Nick Russell and Jack Morrison of Savills were jointly appointed to market the property together with Shane Sax of Pace Property on behalf of a privately owned property group.

The property was marketed via an Offers to Purchase campaign which attracted more than 50 enquiries in additional to multiple offers from a mix of owner-occupiers, investors and developers.

Savills Executive of Metropolitan for Capital Transactions in Queensland Nick Russell said the consistent theme that arose from these offers was the outbidding of developers and investors by owner-occupiers.

“This transaction is a prime example of the opportunity that currently exists for owner-occupiers to enter the market, with developers keeping quiet after the banks have tightened on lending with concerns around the current and upcoming supply of apartments in Brisbane’s inner city,” Mr Russell said.

The syndicate of private investors who bought the property had a connection with the incoming tenant, Cater Care, who are currently undertaking a fit-out before moving into the premises in January 2018.

Cater Care is a leading contract catering company who provide service to a wide market sector including but not limited to business and industry, aged care and education.

Jack Morrison of Savills said the property appealed to the purchaser for a number of reasons including its enviable location and its proximity to the CBD and public transport, and its future development potential.

“The purchaser’s primary reason for buying the property however was that their associated tenant, Cater Care, had outgrown their existing space and therefore had a desire to relocate to quality office accommodation they could grow into,” Mr Morrison said.