INTL. INVESTOR BUYS LOGAN PROPERTY

AN INTERNATIONAL investor has snatched up a large commercial building at Shailer Park for $2.03 million.

The listing of the 220 square-metre building at 2 Leda Drive attracted more than 90 local and international inquiries and was sold for a 5.8 per cent yield.

It was sold by Ray White Retail in conjunction with Chesterton International, with Richard Impiombato conducting the auction in a competitive climate of 158 separate bids.

“The purchaser is indicative of investors seeking secure assets with a long term lease in strategic premium locations which in turn provide stability in the current market,” says Impiombato.

Ray White Retail’s Mark Greer said the brand name long term tenant of Red Rooster in the building was an attractive drawcard, as well its positioning between the Logan Hyperdome and Hyperdome Home Centre.

“There was strong interest in this property which Red Rooster last year leased for another 10 years and is returning net rental of approximately $118,000 per annum with Red Rooster having a lease option of 5 + 5  years,” says Greer.

The property was sold at a Ray White Corporate auction at the Riverside Centre in Brisbane CBD along with another commercial listing.