The asset comprises a 182m2* fully fitted out restaurant trading as Choices Chinese Cuisine. The tenant is on a new five-year lease until 2023 with options until 2038.
The marketing campaign received 55 enquiries and was sold under the hammer for $1,703,000, reflecting a 7.63% yield. The widely documented trend of southern-state investors targeting Queensland to take advantage of comparatively higher yields was demonstrated by four of the five registered bidders being from interstate.
Investors were attracted to the unprecedented growth that both Fortitude Valley and Brisbane are undergoing with $28 billion of infrastructure that is currently under way and proposed. The $40 million sale in January of the Emporium Hotel also boosted investor confidence in the precinct.