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09 February 2017

Goodna property sale for $4.15 million brings renewed confidence

The property at Brisbane Rd Goodna 
which sold for $4.15 million. 
Property prices in Goodna are rapidly bouncing back following the disastrous 2011 Brisbane River flood. 

A major commercial sale announced this week in the heart of Goodna has shown renewed investor confidence in the suburb. 

Goodna was the worst-affected suburb in southeast Queensland in 2011 with 600 residential and commercial properties destroyed in the second highest flood in 118 years. 

Confirmation of the bounce back has come with the sale of the Cash Coverters and Repco outlets for $4.15 million. 

The property is adjacent to McDonald's at 179 Brisbane Rd and adjoins the Ipswich Mwy. 

It last sold in 2006 for $3.1 million.

The development has been bought by a Melbourne investor from its current New Zealand based owner. 
The Goodna property under water at
the height of the January 2011 flood. 

Richard Blanch of Colliers International said there were a number of challenges with attracting offers of an acceptable level for the vendor, particularly the stigma around the 2011 flood.

“Everyone is acutely aware of the effect the flood had on Goodna, but what a cursory glance doesn’t show is the faith both tenants have in the location," he said.

“The Goodna store is one of Cash Converters’ strongest performers and both tenants re-signed long term leases post the flood.

“Few sites in Goodna offer the same sort of branding exposure to the Ipswich Motorway. This along with the tenants’ faith in the catchment, it gave the purchaser comfort to transact."

Ipswich Deputy Mayor, Goodna-based Councillor Paul Tully described the sale as "phenomenal" and said the suburb's bounce back was a strong indication of a bright future. 

Cr Tully said house prices in Goodna were continuing to rise six years after the flood. 

"Goodna is identified a major activity centre under the state government's SEQ regional plan and this latest commercial sale is the best indicator of the ongoing resurgence since 2011."

Cr Tully predicted Goodna property prices would double in the next 10 years as investor confidence in the suburb continued. 

Original story: http://www.propertyobserver.com.au/finding/commercial-investment/65028-retail-centre-in-melbourne-s-goodna-sold.html

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