26/02/2010 - The Post With The Most

Courier Mail Prime Site - 26/02/2010

Mail Never Stops, Nor Do The Returns On This Site

A local investor hopes a Virginia property will post a good return, after finalising to buy the fully leased property.

The property, at 45 Yarraman Place, sold for $1.68million. It is leased to Australia Post.

Lawrence Temple, of Raine & Horne Commercial, who negotiated the sale, said Australia Post had owned the property and sold it to an investor about 12 months ago on a leaseback arrangement.

That owner then decided to sell it off after an opportunity came up to buy a larger investment property.

Mr Temple said it took only a few phone calls to investors to find renewed interest in the property.

The 3,165sqm property on Brisbane's northside was snapped up in less thn 24 hours, and was the only property to have sold on Yarraman Place in six years.

"Quality properties with a solid lease covenant are very sought after and they rarely come up," Mr Temple said.

Australia Post has almost two years left on the current lease term, and will have an option to take out a further lease for two years or vacate the building when it ends. The lease is worth about $124,800 a year.

The sale represents a net yield of 7.42 per cent, in line with the building having a strong tenant in place.

A 1,100sqm building on the site was purpose-built by Australia Post in the early '90s.

For further information, contact Marketing Agent Lawrence Temple on 0423 591 534

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