INVESTOR ACQUIRES A 'RISK-FREE' GEM
A FREESTANDING fully tenanted neighbourhood centre in Brisbane's inner-north with a complementary mix of office and health-related occupiers has been snapped up as a "risk-free" investment.
A Sydney-based investor paid $3.46m for the property at 52 Jeffcott Street, Wavell Heights, in a deal struck by Raine & Horne Commercial's Hudson Dale, Dave Miller & Trent Bruce.
Mr Dale said that the buyer was attracted to the office and health-related nature of the building and tenant spread.
"He wanted something that was fairly risk-free and this was it. There's a lot of medical there and it spreads the risk across many residents," he said.
The 532sqm neighbourhood centre is on a 1,151sqm site and it was sold fully tenanted. Tenants include NDIS physiotherapist, accountant, salon, beautician, and training organisation. The sale realised a 6.2 per cent yield. According to CoreLogic, it last changed hands in 2016 for $2.4m.
Mr Miller said it was a "great time in retail", particularly anything with allied health or medical.
"We had been anticipating taking the property to auction because I believe we would have got a better return, but such was the nature of the market and such was the nature of the owner it was sold off-market," he said.
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