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Moreton Bay’s Westpac freehold sells for $2.62M

AN INVESTOR has snapped up the freehold to the Westpac Banking Corporation building in Moreton Bay for $2,620,000 at 159 Morayfield Road in Morayfield.

The asset, that came with a 352sq m* building area and 1,082sq m* land area, adjoined the Morayfield Shopping Centre which welcomes 6,200,000* visitors every year.

The property was marketed and sold by Ray White Commercial Northern Corridor Group Director Chris Massie.

“The auction date was set for 27 March, and given the circumstances surrounding COVID-19, you could be forgiven for thinking this was the worst possible time for an auction,” Mr Massie said.

“It was just two days after lockdown put an end to physical auctions, but we were still able to achieve a premium outcome for this stand-alone investment.

“The national campaign generated 55 enquiries, with the bulk of these coming from southern state private investors.

“We identified this market segment as the one most likely to deliver a premium result and this turned out to be the case.”

“The Northern Corridor is becoming an easier region to explain the benefits of to investors, which is opening up new markets, and increased buyer competition for owners looking to sell,” said Ray White Commercial Northern Corridor Group Senior Analyst Ashley Rees.

*Approximately.

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