A SIGNIFICANT local investor has purchased an office/warehouse industrial property in the ever-popular Brisbane suburb of Pinkenba for $5,500,000 at 52 Savage Street.
The asset came with leasing risk and was sold off-market on a yield of 6.8 per cent by the Ray White Commercial Queensland team of Aaron Aleckson, Paul Anderson, and Andrew Doyle.
“The site was sold after an extensive off-market campaign which saw multiple groups of owner-occupiers and investors looking to capitalize on one of the only opportunities to purchase a freestanding site in the TradeCoast,” Mr Aleckson said.
“The buyer, who is a local investor with multiple holdings in Queensland, was able to see the value of the existing building and tenants to beat out an owner-occupier.”
“The site comprises 3,380sq m* of gross floor area housed on a 7,852sq m* site. The property was acquired 100 per cent leased with two tenancies,” Mr Anderson said.
“The combined net rental of $374,661 equates to a yield of around 6.8 per cent. Quite remarkable when one of the tenants are month-to-month – it just goes to show the strength of Brisbane industrial property right now”.
“Our team has been appointed to reset the lease on the periodic tenancy, with marketing only just commenced, and we have had numerous enquiries,” Mr Doyle said.
“In our view, buyers who take a punt will really benefit, as the leasing market is actually quite healthy in the TradeCoast precinct”.