The property was sold via a Private Treaty campaign, after a seven week marketing campaign which generated a total of sixteen enquiries.

The land comprises a regular shaped, inside allotment, with a level topography. Improvements comprise a recently constructed, freestanding office and warehouse facility of pre-fabricated tilt panel construction. The warehouse has a springing rafter height of 7 metres, and the commercial grade offices are situated over 2 levels. The building has been delineated into 2 tenancies.

Tenancy 1 comprises 756 m2, and is leased to Australian National Couriers on a 3.5 year term, which commenced in August 2017. Tenancy 2 comprises 256 m2, and is leased to Tailored Projects Constructions Pty Ltd on a 3.5 year term, which commenced in August 2017.

The property sold with a net income of $171,440 which reflects $169/ m2, and a WALE of 3.17 years by income.

The property was purchased by a private syndicate. Northgate is approximately 14.4 kilometres from the Brisbane GPO, and situated within the Australia Trade Coast. The precinct is recognised by the market due to its proximity to the Brisbane Airport, The Port of Brisbane and the Gateway Motorway.

 

Sale Overview
Sale Price:$2,390,000
Sale Date:November 2017
Income:$171,440
Land Area:2,001m2
GFA:1,012m2
$/m2 lettable:$2,362
Initial yield:7.17%