Former Fairfax Media print site sells for $7.425M

A LANDMARK former Fairfax Media print site has sold for $7.425M following a successful expressions of interest campaign at 58-68 Delancey Street in Ormiston.

The substantial 5.19ha* asset, that offered 5,160 sq m* of well-maintained office and warehouse buildings, was sold to a developer associated with SS Signs.

The property was marketed and sold by Ray White Special Projects Queensland directors Andrew Burke and Matthew Fritzsche, together with Ray White Commercial Bayside director Nathan Moore and sales and leasing executive Jonathon Burrowes.

Director of SS Signs and site owner Steve Lambourne had visions of occupying the existing building with his company, with grand plans of turning the site into a state-of-the-art medical precinct for the people of Redland City.

“We’re still in the approval stage with Redland City Council for medical facilities that would be of huge benefit to local people, so in the meantime, my company will occupy the current property on the site,” Mr Lambourne said.

“We’re a large format digital printing and signage company so the site suits my company perfectly as we can adapt what’s already in place.

“I have 50 staff and the company is growing, so once we have much-needed approvals in place for the medical facilities, we’ll look to move to a purpose-built site.

“There’s a big demand for medical amenities in this area and we have commitments from different companies wanting to occupy the space in the future.

“As it stands, people from the Redlands area have to travel to the city or Greenslopes for day surgery, so this medical precinct, that could include a day surgery facility, would be a real win for local people.

“We also envisage Allied Health, a sports medicine/sports science facility and a medical research centre to open once the project is completed.

“Once the building already on site is converted, and once the new structures are built on the remaining land, we expect around 500 jobs to be created.”

Mr Burke said the iconic site generated a lot of interest throughout the campaign from both investors and builder developers.

“There was a real buzz around this property and that culminated in more than 85 enquiries throughout the whole campaign,” Mr Burke said.

“Those enquiries translated in to eight solid offers before Mr Lambourne and the vendor came to a final agreement the two parties were happy with.”

Mr Fritzsche said both the positioning and location of the site were key drawcards for potential buyers.

“Being located on the corner of Delancey Street and Finucane Street offers a highly visible corner position with more than 40,000 vehicles^ passing each day,” Mr Fritzsche said.

“To complement, the site is only 2km* from Cleveland CBD and is on the doorstep of other amenities such as major shopping, transport, health, recreation facilities and education.”

Mr Moore said the multiple development opportunities and road access were further drawcards for purchasers.

“It’s rare for an opportunity like this to become available in the Redlands area. Subject to council approval, there were plenty of development opportunities available,” Mr Moore said.

“The asset has frontage to Finucane Road along the southern boundary, comprising a dual-lane, dual-direction sealed road, being one of the major thoroughfares for the local area.”

Mr Burrowes said nearby public transport and the number of local amenities would suit an influx of new employees.

“The property sits 1km* south-west from the Ormiston railway station, with council buses servicing both Finucane Road and Delancey Street,” Mr Burrowes said.

“Major retail amenity is located 1km* to the east along Shore Street West within Stockland Shopping Centre, and includes Coles, Woolworths, and multiple supporting retailers.”

*Approximately.
^Sitewisely.