A historical Brisbane building held by the same family for several generations and housing some of the city’s well-known retail brands is in the hands of a new owner.
The heritage-listed building at 201 Boundary Street, West End, sold at auction on November 10 for $2.9 million on a net yield of 6.1 per cent through Peter Laoudikos, of Ray White Commercial Queensland.
The fully occupied building has 7-Eleven as its anchor tenant and a net income of $177,000 per annum. There are five tenancies over two levels ranging in size from 32.5sqm to 123sqm.
The other four tenants are West End Coffee House, Govinda’s Restaurant, aromatherapy product retailer Perfect Potion and creative agency The Room.
“The property previously belonged to the owner’s mother, who had then passed it on to him,” Mr Laoudikos says. “The buyer is a local investor.”
In a sought-after location at the corner of Vulture Street, the property is adjacent to two of the area’s busiest thoroughfares for pedestrian and traffic — up to 10,000 vehicles a day — and in a busy retail precinct.
It has a gross lettable area of 382.5sqm and a land area of 245sqm.
Mr Laoudikos says the auction campaign sparked interest from many potential buyers.
“The property was sold under the hammer — we had six bidders and received more than 70 inquiries through the campaign,” he says.
“The yield of 6.1 per cent is quite strong.”
The building is close to the new West Village mixed-used project, which is transforming the old Peters Ice Cream factory site to a retail and residential community comprising eight apartment buildings, a supermarket, shops and galleries linked by laneways.