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BRISBANE, 27 September 2013 – In a unique offering to market, four adjoining properties in Norman Park have been sold collectively through Jones Lang LaSalle for $3million. The properties were sold in conjunction with the leasehold interest of the gymnasium, which was acquired for an undisclosed amount.
Jones Lang LaSalle’s Mike Walsh and Sam Hatcher negotiated the deal.
Offered in one-line or on a piece-meal basis, the opportunity comprised a residential dwelling, a commercial character building, a commercial warehouse and a fully operational gymnasium known as “Active Life Fitness” spread over an elevated 2,853sqm block at 252/254 Wynnum Road in Norman Park.
Jones Lang LaSalle’s Mike Walsh finalised the sale of 228, 250, 252 and 254 Wynnum Road, Norman Park to a private investor on behalf of Ernst & Young (appointed Receivers & Managers) this month. The deal represents a rate per square metre of $1,052 across the land area.
He said the property was ultimately sold as a ‘freehold going concern’ to a local private investor who intends to keep the 3-level gymnasium operational for the long term.
“The four amalgamated lots occupied a significant site and benefited greatly from the prime position in Norman Park, close to the city and in a really desirable location. The adjoining properties framed by Wynnum Road and Balmoral Street are connected to the CBD via a major arterial providing excellent exposure,” Mr Walsh said.
“Firstly, the new purchaser views this acquisition as a long term hold given the strength of the gymnasium business and existing membership base (circa 1,500). With the ability to provide members with certainty around the ownership, we anticipate membership to increase particularly given the new owner intends to improve the gym with cosmetic upgrades.
Mr Walsh said, “Amongst the saturation of 24/7 gyms, Active Life Fitness presents a unique point of difference being a full service gym complete with pool, squash courts and physiotherapy services to supplement the traditional gym offering.
“In addition, the site is zoned low-medium density residential providing redevelopment prospects longer term, with the elevated site offering potential for sight lines to the Brisbane River and CBD. From a future exit strategy perspective this was also highly appealing,” he said.
The commercial warehouse building is currently vacant, however was more recently used as a martial arts studio creating a flexible space to utilise; the commercial character building is currently leased by Viking Energy on a monthly tenancy agreement, and the character dwelling house situated on an irregular shaped lot comprises 3 bedrooms and 1 bathroom, constructed circa 1930.
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