The sale is the former Mackay Sugar Research Facility which presents as a unique redevelopment opportunity, situated in a well established area in Mackay.
The property comprises a 3.842ha, regular shaped site with multiple road frontages, having a generally level contour with a north westerly aspect.
The property is zoned “Medium Density Residential” and was sold with a number of approvals in place allowing for a diversified development with various commercial and residential product types to be built in stages as market trends allow.
At the date of sale the property was improved with a total of 7 commercial buildings, which had a combined Net Lettable Area of 2,934m², and which generated a passing rental income of $516,928 per annum.
Mackay is an established regional city located approximately 975 kilometres* north of Brisbane, and 391 kilometres south of Townsville on the Central Coast of Queensland.
The subject property is strategically positioned, being in close proximity to the Mackay CBD, and being well serviced by a wide range of public and private infrastructure.
The property was offered to the market via a seven (7) week marketing campaign, which closed on Thursday 17 September 2015.
At the completion of the campaign twenty-two (22) enquiries were received and a total of two offers to purchase were put forward.
The successful party was the Catholic Diocese of Rockhampton who acquired the site for $5,750,000.