CBD RETAIL BUILDING FETCHES $9.3M

CBD RETAIL BUILDING FETCHES $9.3M

A BRISBANE CBD fully-leased freehold investment property opposite the Wintergarden Centre has sold for $9.3 million.

A private investor purchased the Elizabeth Street retail building at the Ray White Commercial Investment auction, sold on behalf of developer DeMartini Fletcher for a yield of 4.95 per cent.

Ray White Commercial Queensland director of sales John Dwyer says the property attracted a tremendous response with close to 100 enquiries.

He says the auction was competitive with six registered bidders vying for the building, which produces a net rental income of approximately $460,525 per annum.

"What was most noteworthy was the depth and geographical spread of that enquiry with strong interest from Asian buyers, as well as Sydney-based investors now looking to Brisbane as their local market is so hot," Dwyer says.

"Bidding at what was an exciting auction conducted by RWQ chief auctioneer Philip Parker started at $5 million and there were more than 30 bids before the property was sold under the hammer to a local investor for $9.3 million.

"There was intense competition in the room with the property fought out eventually by the local bidder and Chinese interests. The eventual price was well above the reserve."

Dwyer facilitated the sale of three retail buildings in the CBD this year, and says it demonstrates a strong demand for tenanted property in the city.

Recent sales include 105 Albert Street for $4.83 million and 201 Elizabeth Street for $5.65 million.

"From what we are seeing, people who are selling their properties in the Brisbane CBD should be considering a formal marketing campaign to take advantage of the increased activity," he says.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Four ways businesses can use artificial intelligence to triumph in 2022
Partner Content
The last two years have delivered major disruption to the technology industry and broad...
PROS
Advertisement

Related Stories

Aussie Broadband launches $344m bid for Over The Wire

Aussie Broadband launches $344m bid for Over The Wire

One of Brisbane’s Top Companies Over The Wire (ASX: OTW) has ...

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths Group (ASX: WOW) has today thrown its hat in the ring to...

Shopping Centres Australasia launches $750m metro convenience retail JV with GIC

Shopping Centres Australasia launches $750m metro convenience retail JV with GIC

After making its fortunes with suburban malls anchored by blue-chip...

Brisbane Top Companies revealed

Brisbane Top Companies revealed

Brisbane’s top companies have been a hotbed of growth in 2021...