A fantastic investment property positioned on a highly trafficked street, 90-96 Pine Mountain Road, Brassall, sold for $7,097,111.
The property comprises a strong mix of 14 tenants underpinned by the Brassall’s IGA supermarket.
Ray White Commercial QLD listing agent Stephen Kidd said the site was prominently located in an out-bound corner position in Queensland’s fastest growing city.
“It provides an easy to access convenience offer which targets the substantial traffic flows to and from the Ipswich CBD, Ipswich’s northern suburbs and the three schools located at nearby Hunter Street,” Mr Kidd said.
“With a central position in a long-established growing trade-area of some 11,000 residents, the property is exposed to substantial vehicular and footpath traffic.
“Recently refurbished, the subject centre has a high profile outbound location, offers ease of access, and attracts patronage with a solid convenience mix underpinned by a strong IGA supermarket offering.”
With a 7 per cent yield, the property has a fully-leased net Income of $505,227.
“With many tenants having a long term history in the centre, the subject centre provides substantial income stability through the tenant quantity and tenant diversity – losing one of the tenants won’t decimate the income stream,” Mr Kidd said.
“The rent levels allow for substantial future income growth and provide long-term tenant stability.”