No Toying Around As Buyer Outbids Rivals 02-02-18

 

CHRIS HERDE

A SOUTHSIDE freestanding retail asset, anchored by one of Australia’s largest toy store chains, has sold under the hammer after a competitive auction.

 

A local buyer paid $1.935 million for the two-level property at 135 Browns Plains Rd, Browns Plains, in an auction just before Christmas. The sale realised a yield of 7.6 per cent.

 

Raine & Horne Commercial Brisbane North and Southside principals Trent Bruce and Joseph Grasso ran the campaign that produced 70 inquiries and 18 bids.

 

Mr Bruce said having a long-term tenant like Mr Toys Toysworld was the “big attraction”. The building has a net lettable area of 892sq and is on a 1868sq m site. Anchor tenant Mr Toys Toyworld has been in the building for 20 years and in 2015 signed a 10-year lease with an option. The other tenants are All About Beans and a massage business.

 

According to CoreLogic, the property last changed hands in 2006 for $1.65 million.

 

Mr Grasso said: “The longterm anchor tenant, the structure of the building, its twostreet frontage and the fact that it’s right on Browns Plains Rd, ensured the asset attracted strong interest.”

 

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