A 668sqm retail property in the heart of Paddington has sold under the hammer for $2.8 million.
Located at 203 Given Terrace, Paddington, across the road from the iconic Paddo hotel, the property comprises two buildings which are fully leased to six tenants.
The property was marketed by Ray White Commercial Queensland partner and head of sales Tom Barr.
“The marketing campaign attracted strong buyer interest with more than 60 enquiries, resulting in five registered bidders on auction day,” Mr Barr said.
“The property was sold under the hammer to a local private investor for $2,800,000 representing an initial yield of 4.89 per cent, a capital value of $6,604/sqm NLA, and a site rate of $4,192/sqm land.
“It offered a rare opportunity to secure a piece of this tightly held ‘high street’ precinct situated just two kilometres from the Brisbane GPO.
“This is only the eighth freehold commercial property to have traded on Given Terrace over the past 10 years.”
“We congratulate both the seller and buyer on this transaction.”