A medical owner-occupier has snapped up an 866sqm site in the heart of Fortitude Valley for $3.75 million.
Located at 116 Brunswick Street, the property was purchased with a 5.6 per cent yield.
The property was sold by Ray White Commercial QLD agents Michael McCullagh, Sam Parker, and David Atkinson, in conjunction with CG Property agent Aaron Aleckson on behalf of a private vendor.
Marketed through a competitive expressions of interest campaign, Mr McCullagh said the property received 133 enquiries and nine offers prior to the eventual purchase.
“The property was highly sought after as it is a high profile income producing asset in the heart of Fortitude Valley,” Mr McCullagh said.
“We have collectively received 1,436 buyer enquiries across our last 10 campaigns for inner Brisbane properties in the past few months which clearly demonstrates the ongoing demand.”
“Returning $210,000 per annum, the site offers additional four-storey development upside and high profile exposure to over 31,800 daily vehicles.”
Mr Aleckson said the vendor, Hospitality Superstore, had leased back the premises for 12 months while the business expanded and moved to another location.
“The property was purchased by a medical owner occupier who plans to move into the premises in the future,” Mr Aleckson said.
“In the meantime, the buyer will look to capitalise on the existing income stream prior to occupying the property.”
Mr Atkinson said the city-fringe location has been a huge drawcard for the buyer.
“Fortitude Valley, fondly known as ‘The Valley’, is Queensland’s most well-known entertainment and lifestyle precinct,” he said.
“The property is situated on a high-profile corner site facing one of The Valley’s busiest thoroughfares.
“The property is set to benefit from many infrastructure developments including the Valley Metro redevelopment, the Cross River Rail, and the Victoria Park Masterplan.”
HIGH-RES IMAGES HERE
Media Contacts:
Michael McCullagh
Managing Director
Ray White Commercial Queensland
0403 426 474
mmccullagh@raywhite.com
Nina Clarke
Media team
Ray White Group
0448 841 606
nclarke@raywhite.com
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