Tenanted Tingalpa Investment Sold for $2,080,000
A tenanted industrial warehouse investment opportunity at Tingalpa in the heart of the Australian TradeCoast precinct in Brisbane’s east has been sold by Ray Industrial Milton for $2,080,000.
The freestanding warehouse/office facility on a 2,331 sqm site at 20 Proprietary Street, Tingalpa, was sold to a private investor by Ray White Industrial Milton Principal Stephen Ferguson on behalf of a private owner for a yield of 8.6 per cent.
Stephen Ferguson said the property has a long-term tenant in local business Laundry Australia and is returning net rental of $180,000 per annum with five years remaining on a 10 year lease.
“This is actually the fourth time I’ve sold this building over the last 15 years,” he said.
“We ran an off-market Offers to Purchase campaign which attracted offers from three different buyers.
“There was very strong interest and they were all attracted by the outstanding Australian TradeCoast location, the established tenant and the return.”
Stephen Ferguson said the tenant had also invested a significant amount of capital works into the building to set themselves up as a long term lessee.
“The freestanding 1667 sqm building has multiple roller doors and a dock for loading and unloading,” he said.