28-11-14 - Super Drives Sales Action
A FULLY-leased commercial complex north of Brisbane has changed hands for $1.21 million, as self-managed super funds continue to drive investment activity.
The property at 6 Patricks Rd, Arana Hills, was snapped up by a Brisbane investor on a yield of about 7.75 per cent.
It comprises two tenancies with a net lettable area totalling 275sq m on a 620sq m parcel of land.
The property was sold with long-term tenants in place.
TattsBet Limited (TAB) has occupied 157sq m since 1990 and its existing lease runs until mid-2016.
The remaining 118sq m is leased to Arana Hills Physiotherapy until 2017.
Trent Bruce and Hudson Dale from Raine & Horne Commercial negotiated the sale.
Mr Bruce said the property generated a rental income of $94,536 a year net, plus GST.
He said investors had pounced on the opportunity as its rental return, quality tenants, and location on one of Arana Hills’ main thoroughfares were highly appealing.
“Within the first week of the campaign, it was under contract,” Mr Bruce said. “Overall, we had about 30 to 40 inquiries.”
Mr Dale said that the deal reflected the fact that there was still “quite strong” activity
in the property market from self-managed super funds.
“We expect that trend to continue while interest rates remain at record low levels,” he said.