Family Firm Buys into Bulimba for $3.12 million
A family group has invested in a tenanted commercial building in the popular Oxford Street precinct at Bulimba in Brisbane’s inner east for $3.12 million, with expectations the suburb will become a boom city fringe office precinct.
The Sihota-family who own and operate The Flower Farm and Tingalpa Landscaping Supplies have purchased 230 Oxford Street, Bulimba, through Jonathon Jones and Rhiannon Jones of Ray White Commercial TradeCoast.
The contemporary building on an approximately 546 sqm block on the corner of Oxford St and Lytton Road, currently leased to Ray White Bulimba, was sold on behalf of a private owner for a yield of 6.93 per cent.
Group Manager, Robinder Sihota, said Bulimba was strategically placed as a location for boutique businesses seeking a location on the city fringe.
“Similar to southern cities, we’re seeing a trending exit from the CBD into more client-friendly and accessible options on the fringe,” he said.
“This is going to increase as the significant baby-boomer clients prefer the personal interaction to business. Bulimba is best placed for a similar migration to the south and east with a short CityCat commute into the city’s ‘golden triangle’ financial district.”
Mr Sihota, a former Clayton Utz lawyer and now barrister, said the group remains active in well-anchored neighbourhood centres and was seeking industrial land for the expansion of its Tingalpa Landscaping Supplies operation.
“However, we moved swiftly to secure the newly built Oxford St property as it is uniquely positioned with three prominent facades fronting Bulimba’s busiest roundabout,” he said.
Jonathon Jones said the property with a floor area of approximately 359 sqm includes a modern reception area, 13 partitioned offices, meeting/ board room, internal disabled compliant toilet, internal lift, server room, tea room and a balcony area with views of the Brisbane CBD.
“Opportunities like this are rare in this highly sought after precinct,” he said.