Greenslopes Investment Sold for $2.7 Million
An investment opportunity with redevelopment potential (STCA) near the Stones Corner shopping and café precinct at Greenslopes in inner Brisbane has been sold by Ray White Industrial Milton for $2.7 million.
The fully leased property at 55 Old Cleveland Road, Greenslopes, was sold to a private investor by Ray White Industrial Milton’s Aron Burtenshaw and Jaems Balfour on behalf of a private owner for a yield of approximately 8.0 per cent.
Aron Burtenshaw said the Expressions of Interest marketing campaign attracted more than 60 enquiries and three formal offers within a few weeks of listing.
“The Expressions of Interest campaign was supposed to run for five weeks but we received three written offers in the first three weeks and put the property under contract,” he said.
“The approximately 554 sqm building is fully leased with a mix of national and local tenants on varying lease terms and generating gross income of approximately $247,000 per annum.
“If the property had a stronger weighted average lease expiry (WALE) we would have expected the yield to have been in the high 6.0 per cent to low 7.0 per cent range.”
Jaems Balfour said: “Although the reflective yield was softer the sale price was an exceptional result considering the sites land/building size compared to other sites that have transacted in the area.”
Jaems Balfour said the property occupies a prime corner position directly across from the Stones Corner Hotel and benefits from excellent exposure to Old Cleveland Road.
“It falls within the Stones Corner core sub precinct on a land area of approximately 645 sqm, providing future development upside,” he said.
“The improvement offers two levels of accommodation with good quality office on the first floor and a multi tenancy retail strip across the ground floor.”