CBD RETAIL BUILDING FETCHES $9.3M

Written on the 10 September 2015

CBD RETAIL BUILDING FETCHES $9.3M

A BRISBANE CBD fully-leased freehold investment property opposite the Wintergarden Centre has sold for $9.3 million.

A private investor purchased the Elizabeth Street retail building at the Ray White Commercial Investment auction, sold on behalf of developer DeMartini Fletcher for a yield of 4.95 per cent.

Ray White Commercial Queensland director of sales John Dwyer says the property attracted a tremendous response with close to 100 enquiries.

He says the auction was competitive with six registered bidders vying for the building, which produces a net rental income of approximately $460,525 per annum.

"What was most noteworthy was the depth and geographical spread of that enquiry with strong interest from Asian buyers, as well as Sydney-based investors now looking to Brisbane as their local market is so hot," Dwyer says.

"Bidding at what was an exciting auction conducted by RWQ chief auctioneer Philip Parker started at $5 million and there were more than 30 bids before the property was sold under the hammer to a local investor for $9.3 million.

"There was intense competition in the room with the property fought out eventually by the local bidder and Chinese interests. The eventual price was well above the reserve."

Dwyer facilitated the sale of three retail buildings in the CBD this year, and says it demonstrates a strong demand for tenanted property in the city.

Recent sales include 105 Albert Street for $4.83 million and 201 Elizabeth Street for $5.65 million.

"From what we are seeing, people who are selling their properties in the Brisbane CBD should be considering a formal marketing campaign to take advantage of the increased activity," he says.

 


Latest News

ANSELL'S SHARE PRICE SWELLS AFTER SALE OF CONDOM BUSINESS

IT'S one of Australia's most successful and enduring manufacturing success stories and the Ansell condom busi...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

DREAMWORLD UNDER 'REVIEW' BY OWNERS ARDENT LEISURE AS ACTIVIST INVESTORS PUSH FOR BOARD POSITIONS

DREAMWORLD owner Ardent Leisure (ASX: AAD) is considering the future of the theme park which may be redeveloped or so...

Related News

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale fun...

THE COMPANY THAT DECIDED IT WAS GOING TO GIVE A CRAP THANKS TO CROWD FUNDING

SIMON Griffiths is using toilet paper to save the world.

In 2012, on the back of an IndieGoGo crowdfunding campaig...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter