An overseas based investor has paid $5.4 million to secure a Northshore development site with an extensive holding income.

The transaction of the property at 15 Curtin Avenue West was facilitated by exclusive marketing agents Shaw Harrison, Robert Dunne and Will Carman of Savills.

Director of Industrial & Business Services Shaw Harrison said the campaign attracted strong interest with 128 interested parties resulting in 11 offers.

“We had particular interest with a number of groups that are prepared to land bank and prepare themselves for the next cycle. Core located sites with holding income make this decision much easier.

Mr Harrison added that traditionally an industrial location, Northshore Hamilton is currently being transformed and revitalised into one of Brisbane’s best in class mixed use precincts.

Executive of Commercial Sales Will Carman, who introduced the buyer, said that the international investor was drawn to the property because of the impressive development upside potential.

“With an existing overlay for up to eight levels of development which would include residential, retail and commercial space, it was an opportunity they weren’t prepared to miss.

“The buyer was in town for the week and was keen to transact before they flew home. This resulted in us achieving a cash unconditional offer which was a great outcome,” Mr Carman said.

The 4,641sq m site has strong holding income of $208,955 per annum, and is currently surrounded by other major development projects which include Frasers Property, Shayher Group, and Multiplex and Brookfield Properties.

The property is currently leased with an industrial land lease in place and also benefits from additional income from a telecommunications tower situated at the rear of the site.

Mr Carman said the buyer has no immediate plans for the property, but has significant plans in the long term.

The Northshore Hamilton area has witnessed a significant transformation in recent years, taking the precinct from an industrial hub to a community set to house over 15,000 people.

The precinct is experiencing rapid growth with the inclusion of McDonalds, Woolworths and Eat Street.