ACACIA RIDGE PROPERTY SNAPPED UP

ACACIA RIDGE PROPERTY SNAPPED UP

A COMMONWEALTH Bank tenanted investment in Acacia Ridge has sold for $1.3 million on a yield of 6.5 per cent, an hour before the scheduled auction.

The freehold bank facility was marketed in a national auction campaign by Hunter Higgins from Colliers International.

Higgins says the campaign attracted 70 enquires, with five contracts issues prior to the auction.

"The buyer was very keen to secure this bank facility and put in an unconditional offer an hour prior the auction which vendor accepted," says Higgins.

"This prime investment opportunity has attracted a lot of interest due to a blue chip tenant and a new 5 year lease term, with a 5 year option returning a net income of $85,713.30 per annum."

Higgins says a strong market is giving buyers the confidence to put in these early offers.

"There is good depth in the market and solid competition, where buyers are willing to put in offers prior the auction in attempt to secure the asset, and avoid the competitive bidding process," says Higgins.

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