Hungry Buyers Lured to Local Hidden Gem 20-05-16

PHIL BARTSCH

A SUBURBAN multi-tenanted retail and commercial complex on Brisbane’s northside has gone under the hammer and drawn a hungry pack of local investors.

The fully-leased property at 52 Jeffcott St, Wavell Heights, was sold at auction after attracting strong offers from about 10 registered bidders.

It was snapped up by a Brisbane- based investor with a winning bid of $2.4 million on a net yield of about 7.5 per cent.

Raine & Horne Commercial’s Trent Bruce, who was the selling agent with colleagues Michael Richardson and Hudson Dale, said it was a strong outcome for an asset without main road exposure.

“Being somewhat more hidden in the middle of a suburban area the asset was treated a bit softer by some potential buyers,” he said. “But there was also a lot of interest from investors with local knowledge, who realised its appeal to tenants not needing main road exposure.

“The property offers extensive on-site parking and no hustle and bustle.”

Mr Richardson said there was still a strong appetite in the market for multi-tenanted investments within the sub-$5 million price bracket.

“The auction process is definitely generating far more inquiry than any other method of sale,” he said. “We fielded about 40 inquiries for this.”

On a 1151sq m corner block, the single-level property comprises six tenancies with a net lettable area of 532sqm.

In another auction, a fourlot Gympie Rd Kedron holding of 1910sq m, offered by Raine & Horne Commercial, changed hands for $1.35 million.

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