14/02/2014 - Timely Investment to Receive Facelift
Timely Investment to Receive Facelift
A freestanding retail building in Brisbane’s fringe will be spruced up after a private investor snapped it up for $1.125 million.
With five tenants and a net lettable area of 627sq m, the property at 160 Musgrave Rd, Red Hill, was sold on a yield of around 10.6 per cent. Raine & Horne Commercial’s Elliott O’Shea, who struck the deal, said the property was put on the market after the family which owned it for 20 years decided to redirect their investments.
“Over the 90-day campaign there was a huge amount of inquiry, even if there was down side of a lack of parking,” he said. “We had a lot of offers but this guy came in at the right time and snapped it up.
“There is some immediate aesthetic work he wants to do but in terms of the structure itself, it’s a pretty good building”.
The property, which features ground floor tenancies aswell as basement storage, has an eclectic mix of tenants including Pinnacle Sports, High Energy Tattoo and an op shop.
In the last couple of months, Mr O’Shea has also sold a355sq m two-level freestanding office building, with Trent Bruce, at 27 Parkview St, Milton, for $1.15 million, and a three-level 1234sq m office/warehouse at 14 Cox Rd, Windsor, for $1.25 million.
He said the sub $2 million market continues to perform well.
“But we don’t seem to have enough stock on the market which is the biggest issue.”
Source: The Courier Mail, 14 February 2014