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
» High profile exposure to 34,700* cars passing daily.
|Seller:||International Private Investor|
|Purchaser:||Local Private Investor|
|Method of Sale:||72|
|Net Income:||$106,973* pa|
|Gross Lettable Area:||448sqm|
|Tenant 1:||The State of Queensland|
|Tenant 2:||The Produce Wholefood Pantry|