Sainsburys, a major tenant in Brisbane’s inner west, has been struggling to make ends meet for the last few years.
In May 2017, he sold his property in the inner city for $2.4 million.
The sale sparked a sell-off of the Brisbane property market, with Sainsbys family-owned property losing nearly a third of its value over the last year.
“It’s a very challenging time for people who are renting and the mortgage, and the cost of getting a house is rising,” he said.
He said he was looking to relocate.
“(The sale) is the last straw for me and I can’t live with myself.”
In the run up to the sale, Sainsworths business partner, David D’Auby, was forced to sell the business and start from scratch.
D’Auberdine said the closure of his business was the biggest blow he had experienced.
“There’s no other business that is impacted in the way it is,” he explained.
A spokesperson for Sainsby’s said they were unable to comment.
Topics:housing-industry,business-economics-and-finance,rental-and/or-market-deals,business,property-market,brisbane-4000,qld,brisbanong-4024,southport-4215,lismore-4350Contact Josh GreenmoreMore stories from Queensland