The bayside suburbs of Wynnum and Manly offer a range of modern industrial stock together with office property and high street retail accommodation, all targeted at small local business and convenience retailing.
These properties are generally tightly held and include a high level of owner occupied premises; during the 2016/2017 financial year there was $23.76million transacted in these suburbs totalling 18 sales. These represented a high volume of industrial stock; both developable land and strata unit stock, together with office premises. Many owner occupiers seek land for purpose built facilities together with private investors seeking affordable parcels for future development.
Over the last 16 months the Commercial portion of this market (office and retail) has seen take up of close to 3,000m2 across 26 transactions. One of the major trends identified during this period has been the use of retail premises for more traditional office uses such as professional services including legal and financial providers. Upper level office stock has become more difficult to lease given its poor accessibility, particularly these services which include a high level of customer interaction, with many business owners opting for the benefits of a ground floor retail location.