Acacia Ridge Lighting Up

A major lighting retailer and distributer has acquired a freehold Acacia Ridge warehouse from a private Melbourne based investor for $3.2 million.

Shaw Harrison and Jack Barrett of Savills Industrial were appointed to sell the property located at 10 Overlord Place after a number of failed lease attempts.

“The market was thick with buyer activity and after trying to get the building leased for a number of months, we recommended to the owners that they should consider selling,” Mr Harrison said.

Lighting Illusions were initially introduced during the leasing campaign but were firm on owning their own premises.

Mr Harrison, who brokered the deal, said that they had been looking in the market for 9 months and were considering options as far away as the Trade Coast and Logan Motorway.

“When we were given the green lights to sell the building, we made a few calls and the deal was struck in a matter of days with Lighting Illusions,” he said.

Lighting Illusions relocated from their nearby premises around the corner which they had been leasing for the past 5 years.

“After showing them properties all over Brisbane, they were incredibly pleased to secure a premise that was so close to their existing premise that ensured they retained all of their wonderful staff.

“This is actually the third transaction we have done for the sellers and we were very proud to get the job done after having previously been marketed with another agency,” Mr Harrison said.

The property presents itself as a land rich buying which includes a 1,924sq m premise over a large 6,333sq m site.

Lighting Illusions has four retail outlets across South East Queensland with plans to expand with an additional 10 over the next 4 years.

“This new property will allow them to unlock the future expansion they anticipate for their business.

“Their previous premises in Learoyd Road was 807sq m and they had staff working on top of each other, so providing their business with more than double the space is going to be a welcomed change,” he said.

The buyer has been actively fitting out the building ready for their occupation by the end of March.

Mr Barrett said that there had been an enormous amount of interest recorded during the formal campaign process.

“We captured another 5 qualified buyers from the enquiry and have already starting securing other premises as a result.

“The real struggle at present is the lack of quality stock in the Southern precinct and with the continued low interest rate cycle, many tenants are tired of paying rent when they can own for similar money,” Mr Barrett said.