This article is from the Australian Property Journal archive
A PRIVATE investor has sold a securely leased complex to Centrelink at Greenslopes, 6km south-east of the Brisbane CBD, for $6.4 million.
The deal was negotiated by Jones Lang LaSalle’s Sam Hatcher and Ben McGrath, who sold the property at 467-479 Logan Rd Greenslopes to another private investor.
The sale price represents a rate of $3,719 per sqm on initial yield of 7.45%.
The freestanding corner building comprises a net lettable area of 1,721 sqm with car parking for 74 vehicles, presenting a ratio of 1 bay per 24 sqm of NLA, which is unrivalled for commercial property in Brisbane.
The total site area is 2,780 sqm.
The complex is currently leased to Centrelink on a 10 year lease which began in January 2011, presenting an extremely secure lease covenant, returning $477,076 net income per annum.
Property Review
