Cannabis company to move into Australia’s most-viewed property
Hype is building around a Queensland building that will soon be home to a medical cannabis company.
The Rocklea property was the most-viewed commercial listing in the country over the past week, with its auction now less than a fortnight away.
The office building at 6/1311 Ipswich Road is currently home to a Westpac Business centre, but will be taken over by Organicann – a medical cannabis operator – when the bank vacates the building in May next year.
Organicann will take a lease to 2026 at $175,000 per annum plus GST and all outgoings, and comes with an additional five-year option, a six-month bond and a personal guarantee.
REA Group chief economist Nerida Conisbee says the property would also be attracting attention as its listing says “seller urgently liquidating asset”.
“Buyers are searching for signs of distressed listings in the current market,” Conisbee says.
Here are the commercial property listings leading the way in your state over the past week.
SA: CONVERTED COTTAGE IN LIGHTS AGAIN
The converted cottage on the edge of the Adelaide CBD.
A small converted cottage on the edge of the Adelaide CBD has been a surprise packet on the commercial property market, coming in at number two national for views and topping South Australia’s list for the second week running.
The 140sqm property has an open plan, warehouse-style layout, complete with roller door access and a car space at the rear.
It’s also priced at just $450,000 and comes with vacant possession, presenting an affordable opportunity as more investors seek to downsize their space amid the COVID-19 pandemic.
VIC: ‘SELLING HOUSES’ PUB BACK ON TOP
The Club Hotel at Kaniva in Victoria was given a major makeover.
Months after first becoming Australia’s most-viewed commercial property in the wake of its appearance on reality TV show Selling Houses Australia, a small Victorian pub is on buyers’ radar again.
The Club Hotel at Kaniva, near the South Australian border, gained national attention when it was given a stunning makeover by the lifestyle TV program, but is yet to find a buyer despite an affordable price and a huge list of features.
Listed as a freehold going concern for just $430,000, the property includes a public bar with the town’s only TAB, a beer garden, dining area with separate bar, drive-through bottle shop and parking.
Also included is a large five-bedroom home with private outdoor area.
The pub is being offered with vacant possession, lending itself to an owner-occupier taking the reins.
NSW: BRAND NEW INDUSTRIAL UNITS
62-66 Turner Road, Smeaton Grange
An artist’s impression of the new industrial units at Smeaton Grange.
Investors continue to gravitate towards industrial property, with a brand new complex of warehouse units at Smeaton Grange the latest to find favour.
The first release at Turner Estate is offering 19 unites of varying sizes and price points, though all include air-conditioned office space, bathroom and kitchen facilities, high clearance roller doors and designated parking.
The properties in Sydney’s southwest are only minutes to the Hume Highway and are expected to be completed next year.
NT: BUY PALMERSTON’S ‘HUB’
The Hub, 3 Maluka Drive, Palmerston City
‘The Hub’ at Palmerston in the Northern Territory is on the market.
One of the most significant offerings to hit the market in Darwin this year, The Hub is seeking new investors to take the property forward.
Currently configured to house seven tenancies, the mixed-use asset was formerly home to CMAX Cinema and the Palmerston Sports Club, both of which could be repositioned and reborn under new ownership.
The sale includes all existing equipment including a commercial kitchen, dining tables and chairs, pool tables, pokies machines, cinema chairs and seating, a fully equipped bar and keg room, commercial refrigeration and more.
With 5829sqm of lettable space and 215 at-grade parking bays in addition to basement parking, its existing tenants include UltraTune, Playshack and K-Autos and has significant upside through the other vacant tenancies.
TAS: PRIME NORTH HOBART CORNER
298-300 Argyle Street, North Hobart
You might be waiting 20 years for the chance to snare this North Hobart corner again.
On the market for the first time in two decades, the property was most recently utilised as a massage school and has a mix of open plan spaces, private offices areas and a reception fronting Argyle St.
Only a block from North Hobart’s main food and beverage strip and offered with vacant possession, agents say the site lends itself to division into multiple separate suites.
It is for sale through expressions of interest.
WA: PERTH CBD BUILDING LEADS WAY
The CBD building is a blank canvas to prospective purchasers.
A prime piece of Perth’s CBD fabric is again leading online demand in Western Australia.
The three-level property in the city centre comes with a $3.5 million price tag and includes a basement and a with a small outside area at the rear.
Opening onto a laneway, the rear space lends itself to a potential use as a small takeaway cafe, while the entire building features 720sqm of floorspace.
ACT: BUY OR LEASE IN THE HEART OF MANUKA
The Griffith property is currently configured as a medical clinic.
Options abound at this versatile Canberra property, which is proving popular after being listed for both sale and lease.
With part of the property currently set up medical clinic, agents say it can be altered to suit the new owner or tenant’s requirements, or left in its current format as a high-end medical fitout.
Only metres away from the Manuka shopping precinct, the two-level property has 245sqm of lettable area, along with eight visitor car spaces on a substantial 621sqm block.
