Two adjoining character commercial houses in Kangaroo Point have been snapped up for $1,940,000.
Two adjoining character commercial houses on the corner of Shafston Avenue and Wellington Road in Kangaroo Point, opposite the Shafston Hotel, have been snapped up for $1,940,000.
A local private investor purchased the properties at 289 & 291 Shafston Avenue after an off-market campaign run by Savills Nick Russell and Jack Morrison on behalf of private investors.
The recently refurbished buildings provide approximately 350sq m of Net Lettable Area as well as onsite car parking for nine vehicles. The properties sit on a 767sq m site within 1.5km of the Brisbane CBD and feature a digital billboard leased to GOA on a 10 year term.
Savills Executive of Metropolitan for Capital Transactions in Queensland, Nick Russell said the properties appealed to the investor for a number of reasons, including their prime location, close to the CBD, and on a great corner with huge exposure, premium presentation, and their potential for solid returns and long term capital growth.
“The purchase represents a yield play for the investor as well as a solution for his own office requirement. One of the buildings is leased to an architecture firm, however the other is available, allowing the investor to move his own office into half of the available building’s space and lease out the remainder.”
The sale realised a passing yield of 4 percent or approximately $5,543 per square metre on Net Lettable Area.