This article is from the Australian Property Journal archive
A PRIVATE investment group has bought a convenience centre in Brisbane's inner northern suburb of Clayfield for $4.92 million.
Ray White Commercial Queensland director John Dwyer said the property was sold at auction after it was offered for sale for the first time.
Built in 2002, the convenience centre at 730 Sandgate Rd Clayfield, comprises two freestanding buildings totalling approximately 611 sqm as well as parking for 24 cars on a 1,882 sqm site area.
It is anchored by a 24-our NightOwl store, which is leased until 2020, and five other tenancies generating a rent of $338,000 per annum.
Dwyer said the auction attracted 12 registered bidders following 130 enquiries from overseas, interstate and local buyers.
“There was some spirited bidding with a total of 13 bids from an opening bid of $4 million to the eventual sale price of $4.92 million, representing a yield of approximately 6.87%,” he added.
“The market is certainly on the rise at the moment and anyone considering investing in quality commercial property should appreciate there is plenty of competition out there and the days of obtaining high yields for these type of properties are well and truly behind us,” Dwyer said.
Property Review