High Visibility Is Just What the Doctor Ordered 17-16-16
A SMALL retail building in Brisbane’s inner north has changed hands a little over 12 months since it was last sold.
A dental practice recently paid $1.342 million for the fully leased three-tenant high visibility property at 236 Stafford Rd, Stafford.
Raine & Horne Commercial’s Hudson Dale, who struck the deal with Trent Bruce, said the property had last sold a year ago.
“The vendor bought it as a pure investment but he changed his strategy and start-ed focusing on US assets,” he said.
“So he contacted us and said ‘Boys, I’ve just bought this but this is not the upside and I want to sell it’.”
According to CoreLogic RP Data, the property was sold in 2015 for $1.328 million.
The 451sq m freestanding older style building was previously a bank and is in a high profile corner position on Stafford Rd. It is currently returning about $115,000 a year.
Mr Bruce said he put the property to auction just before Christmas but it failed to sell under the hammer.
He said a major sticking point was that a pharmacy which rented 121sq m had a lease tail of less than a year.
“So in the end, from an investor point of view, due to that pending vacancy it proved difficult to sell but we found an owner-occupier,” he said.
“The purchaser is a dentist who is looking at going in eventually and doing a fit out where the pharmacy is, whose lease runs out in October.
“They had been looking for three years. This ticked all the boxes and the new owner has business through the other tenancies in the building.”
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