New office space snapped up
THE $5M two-storey office building going up fast in Hervey Bay's Main Street has set a new record for pre-sales, with floor space being snapped up at around $3200 a square metre.
“The project is being done by a group of local investors who still have strong faith in the local economy and the future of Hervey Bay,” Queensland Commercial Properties' Glen Winney said.
“This is going to help revitalise Main Street and show people that things can still happen, even in the current economic environment and it also shows some growing business confidence.”
He said the project had been 65 per cent sold before building began about a month ago.
“It's great to see something like this so well pre-sold,” Real Estate Institute of Queensland's Fraser Coast branch chair Alan Wetton said yesterday.
“It's also good to see developers coming back into town because a lot have been gun shy because of their inability to get finance for projects.”
John Bone, the project's sales manager, said the council had put through the development application in 30 days.
“VDM Barlow Gregg have bought 50 per cent of the upstairs area and we're negotiating for a second buyer who could take the entire remaining 400m2.
“Queensland Commercial Properties has bought space downstairs and we're also negotiating with a doctor to open a medical practice.
“Downstairs buyers are paying around $515,000 for 145m2.”
He said the Bay had a shortage of “quality professional office space” and believed that was why the project had gone so well.