Three Milton properties sold for 9.5 million

Three Milton properties sold for $9.5 millionThree properties owned by a car servicing business have been snapped up after just two weeks on the market, as the inner-Brisbane suburb undergoes a dramatic transformation.Two neighbouring properties – 10 Crombie Street and 38 Cribb Street Milton – were sold by Toowong Milton Body Repairs for a combined $7.15 million.The 810sqm land parcel at 38 Cribb Street was sold to Hong Kong-based Golden Horse Group, the developer behind Icon Milton, a luxury 20-level apartment tower overlooking the Brisbane CBD. The property at 10 Crombie Street, comprising 405 sqm of land improved by a small office and warehouse building, was purchased to expand the Group’s development.The two sites are likely to be developed into a mixed-use building combining retail and residential.A third property at 9 Railway Terrace, also owned by the family business, was sold to an adjoining private owner for $2.35million.Toowong Milton Body Repairs plans to relocate to a fit-for-purpose building in a more traditional light industry setting.”We have operated from our Milton site for 40 years, successfully servicing the local and greater Brisbane areas. We will be sad to leave, though look to our future with excitement as we begin construction on our new ‘purpose-built’ facility,” says Toowong Milton Body Repairs’ owner Chris Manteit.The deals were negotiated by JLL’s Christian Sandstrom and Sam Byrne, together with Pat George and Philip O’Dwyer from Colliers International.Sandstrom says the formal expressions of interest campaign fielded a wide range of enquiry.”The offers for sale attracted both local and interstate groups with a particular focus from owner occupiers wanting to capitalise on the change from light industry to medium density residential and commercial development in the suburb,” he says.Other interested parties included private investors wanting to refurbish the buildings into alternate uses like bars, cafes and convenience retail.Located 1.5km from the CBD, Milton is transforming into a thriving inner-city precinct, fuelled by several mixed-use developments that are expected to ignite the area’s population growth.