First time commercial investor buys quality tenanted investment.
Strata title property in Brisbane inner city suburb of New Farm was sold under the hammer at the recent Colliers International auction for $1.58 million, on a yield of 6.4 per cent.
Hunter Higgins, Associate Director of Investment Services who marketed the 608 Brunswick Street property said it was a hotly contested investment opportunity with more than 50 inquiries and 13 bids received on the auction day. “The buyer was a private investor with this property being her first commercial investment.
“The property which has a net leasable area of 191sq m is 90 per cent occupied by long term anchor tenant BOQ (Bank of Queensland) who has three years left on the current lease with two five year options. The rest is leased by a hair salon which has been in the building for more than a decade.”
The property is positioned in the leading New Farm growth corridor and generates a rental income of about $102,477 per annum.