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Case Studies

230 Waterworks Road, Ashgrove QLD 4060

Built upon the site is a two level commercial building with 8 car parks, originally purpose built by Commonwealth Bank of Australia.

The property was sold fully leased with two tenants, The State of Queensland (leased to 2020) and The Produce Wholefood Pantry (leased to 2020). The passing net income was $106,973* p.a, which reflected an arguably under rented rate of $239/m2p.a. 72 enquiries were fielded throughout the hotly contested five week EOI campaign, which resulted in six offers. After an extensive round of negotiations the sale price of $1,925,000 was achieved which reflected a very tight yield of 5.56%.

Investors were drawn to:
» Rental reversion opportunities and the ability to undertake
more intensive management to reduce the outgoings.
» Strong tenant covenant provided by the State of Queensland.
» Dominant land parcel in an affluent precinct neighbouring

Highpoint Plaza, a health/medical centre with complimentary
offerings.
» High profile exposure to 34,700* cars passing daily.

Sale Analysis
Seller:International Private Investor
Purchaser:Local Private Investor
Method of Sale:72
Sale Price:$1,925,000
Net Income:$106,973* pa
Yield:5.56%
Gross Lettable Area:448sqm
Building Area/sqm:$4,297sqm
Land Area:584sqm
Land Rate/sqm:$3,296sqm
Tenant 1:The State of Queensland
Tenant 2:The Produce Wholefood Pantry

* Approx

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