Mount Gravatt Site Sold for $7.5 Million
A substantial site with potential for redevelopment (STCA) at Mount Gravatt in Brisbane’s south east has been sold by Ray White Commercial TradeCoast for $7.5 million.
The approximately 6,128 sqm site formerly home to Photo Continental at 1480 Logan Road, Mount Gravatt, was sold to a private investor by David Monaghan of Ray White Commercial TradeCoast.
David Monaghan said while the site has future development upside, the existing building currently has four tenancies and generates net rental income of $81,581 per annum.
“The purchaser is looking to renovate the existing building,” he said.
David Monaghan said Photo Continental had been an owner-occupier of the site but the family owned photo business closed last year.
“Photo Continental was an iconic business with a long history dating back to the early 1950s,” he said.
David Monaghan said the former Photo Continental site had direct frontage to busy Logan Rd and is currently zoned ‘District Centre’.
“The existing building offers a floor area of approximately 4,500 sqm while the site has ample car parking,” he said.
“The property can also be accessed from Creek Road and Bothwell Street.”