INVESTOR GRABS ROYAL BARGAIN 16-10-15
AN investor has snapped up a three-building industrial/warehouse property in northern Brisbane.
The two-lot property, at 41-43 Queens Rd, Everton Hills, sold for $1.8 million after a short expressions of interest campaign by Raine & Horne Commercial’s Hudson Dale and Michael Richardson.
“The owner will probably keep it as an investment but in the long term possibly move into half of the property,” Mr Dale said.
“Because it’s a bit too far away from everything the rentals will never light the world on fire but it does service the local community very well.”
The buildings, two larger warehouse/showrooms and a small warehouse at the rear, have a gross lettable area of 1388sqm and are on a 3864sqm site with hardstand.
It has long-term tenant Superior Glass in one building, as well as Tiffanys Speciality Cakes and Savouries, a plumbing business and a building group in the others.
The property has a weighted average lease expiry of about three years and the sale realised a yield of 7.85 per cent.
Mr Richardson said the yield reflected the asset.
“Being industrial and a bit further out than the suburbs, yields are not as tight as the fringe assets,” he said.
“On the other side, though, there is a real drought in investment stock.”
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