This article is from the Australian Property Journal archive
A SUNSHINE Coast-based investor has bought a fully leased commercial property at Albion in Brisbane's inner north-east for $2.65 million in a deal by Colliers International.
The 486 sqm property at 299 Sandgate Rd Albion, consists of two refurbished buildings and is leased to three tenants, including Discount Drug Stores on a lease agreement until 2036, inclusive of options. The current annual net income is $204,409.
Colliers’ director of retail investments Stephen Kidd handled the transaction.
“We had over 100 enquiries for the property, mostly from private investors. It sold shortly after auction after several offers were received. We still have several buyers looking for good quality inner-city investment properties.
“There are a lot of investors currently willing to spend up to $3 million for fully tenanted properties with long term leases in a good location. This property presented all of that and as a result was hotly contested,” Kidd said.
“The rents are pitched to reflect the early stages of urban renewal occurring within the new Albion Village precinct. Residential growth and rental growth will continue as older buildings around the railway station make way for higher density apartment living.
“This property presents an investment size and a net return which far exceeds that of residential property or fixed interest, being ideal for long term investment,” he added.
Australian Property Journal
