Fortitude Valley retail suite hotly contested with a total of 30 bids selling under the hammer for $1.67 million
- 1,000 Ann Street Fortitude Valley
- 132m² quality retail suite and 57m² of exclusive use alfresco dining;
- Brand new 10 year lease Buzz Bistro, 5 year lease to Suncorp ATM
- Net income $115,561 (approx.)
- Sold under the hammer for $1,670,000 million - $320,000 above reserve
- 5 registered bidders, blend of local and interstate prospective purchasers
- Competitive bidding with 30 bids in total
- Local private investor was the buyer
Hunter Higgins, Associate Director of Investment Services at Colliers International who marketed the property said the security of the asset with the long lease term positioned in the high growth corridor was what drove the spirited bidding competition.
"The vendor was originally going to consider offers off market, however our advice was to run an auction campaign to get more exposure and achieve maximum sale price, in this case well above vendor’s expectations.
The property is ideally located in the vibrant and prestigious Emporium complex with a captive consumer market consisting of four residential towers, hotel facility and office building. There is future influx of prospective consumers with over 2,000 new residential units being developed within 500m of Emporium, so any tenants in the café/restaurant trade are ideally suited for this property and will benefit from this population growth."