“Both the vendor and purchaser were investors from Queensland and the buyer acquired the property on a 6.97 per cent yield, at a building sale rate of $6,431psqm.
Mr Elliot Kidd said what particularly appealed to buyers was the fact the property provided a strong, multi-source income stream.
“The tenants in-place were Brisbane West Real Estate (BWRE), Spicy Affair Restaurant, Melrose-Keys Lawyers, Masala Café and Australian Pet Welfare Foundation,” he said.
“All tenancies at the site, except for BWRE, have been extensively refurbished in recent times and the precinct underwent a major council upgrade of footpath and landscaping.
“It was a great opportunity for an astute investor to secure an income underpinned by security bonds and directors guarantees.”