MODERN Investment Pty Ltd has bought a 1.6ha site at Stockland’s North Lakes Business Park for $5.16 million as the property developer expands its office space scope in Brisbane’s outer suburbs.
Modern Investment managing director Herbert Zhou says even though some outer-city developments take a long time for approval there is a growing preference for office parks outside major centres.
Zhou says there are currently six buyers trying to get hold of buildings at the Lakes Vista office park at North Lakes.
Stockland regional manager for Greater Brisbane Andrew Whitson, says with many more companies about to start trading the business park is really starting to take its place as a major part of the North Lakes community.
Modern Investment’s new site is an addition to their growing portfolio which includes a $10.84 million office park site at the Rochedale Urban Village that Zhou believes is nearing the end stage of the approval process.
“Negotiations with the Brisbane City Council have been running rather smoothly apart from a few hiccups and the park will be three times larger than North Lakes.’’
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