A fully leased retail and commercial centre on the corner of Milton and Baroona Roads in Milton has been picked up for a clean $4m.
A fully leased retail and commercial centre on the corner of Milton and Baroona Roads in Milton has been picked up for a clean $4,000,000.
A local private investor purchased the property at 2 Baroona Road, Milton after an off-market campaign run by Savills Nick Russell and Jack Morrison on behalf of Giarola Properties.
When asked about the transaction, Mr Russell said “The property met a number of key criteria for the investor: good location, well-presented and most importantly, fully leased, which in this market attracts strong competitive interest from purchasers.”
“The purchase represents a yield play for the investor, a low maintenance asset with minimal capital expenditure requirements, a strong tenancy mix and fantastic exposure to one of the busiest corners in Milton.”
The sale realised a yield of 7.1 percent on a weighted average lease expiry of 3.23 years.
The recently refurbished building provides 774sq m of Net Lettable Area over two levels with secure undercover parking for 17 vehicles. The property sits on a 620sq m site with 50 metre frontage to Milton Road, 13 metre frontage to Baroona Road and within 2.9km of the Brisbane CBD.
“Milton is a region that offers value, with commercial properties benefitting from impending re-zoning and planning changes along with continued gentrification. As more of the current residential development projects draw closer to completion, Milton and the surrounds will benefit from increased amenity along with a growing local workforce. Accordingly, property owners will reap the benefits.”
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