Family trust with owner/occupier aspirations buys Seventeen Mile Rocks site after auction for $1,070,000

by admin | 9th February 2011

A Victorian based family trust  paid $1,070,000 after auction for an 1,100m2  investment property at 13 Counihan Road, Seventeen Mile Rocks, and will be receiving $90,000 pa (plus GST and outgoings)  from its tenant, RedFlow Australia P/L. King & Co agent Rod Hewitt handled the sale, while  his colleague, Ben Donnelly, was responsible for the lease. Paul Ekeberg did the marketing. Both vendor and lessor are undisclosed

This 8 year old metal clad freestander is situated on 2,002m2 of GI land and offers convenient access to the Centenary and Ipswich Motorways. Features include a 118m2 office over two levels, a 705m2 warehouse accessed via 3 container height roller doors, 3 phase power as well as a fully licensed spray booth and paint shop. Included in the floor area is a large mezzanine

The tenant is  headquartered next door and rented this space for overflow use. It’s the country’s leading electricity storage technology firm, and will soon begin trading as a listed company following the closing of its $17.5 million initial public offering (IPO).

RedFlow’s products are currently in use with power utilities in Australia and New Zealand,for example Energy Australia, Ergon Energy and Powerco (New Zealand).The business has doubled its staff over the past 18 months, and currently employs over 50 people in Australia, and has representation in the USA.

According to Hewitt and Donnelly, the purchaser initially intended to  use this site for its packaging business, but changed its mind when a tenant was made available only one day after settlement.

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