A retail investment comprising of seven diverse tenants has transacted prior to auction to a private New South Wales based investor for a sale price of $1.23m.
A retail investment comprising of seven diverse tenants has transacted prior to auction to a private New South Wales based investor for a sale price of $1.23 million.
Located at 2-4 Melaleuca Street in Kuluin, QLD the single level retail complex boasts a strong income stream from a variety of tenants with an estimated net income of approximately $88,642 per annum.
The deal was negotiated by exclusive agents Will Carman of Savills, and Diana Davidson of That Place Property.
Mr Carman said the previous owner was looking to free up some finances and was more than satisfied to sell the property prior to Auction.
“The property generated great interest from local, interstate, and national investors.
“We fielded two pre-auction offers with multiple parties ready to bid at auction, however were able to achieve a great result prior to Auction day,” Mr Carman said.
The main draw card of the property for the interested parties was the potential to value-add by improving the tenant mix, generating a more diverse income stream.
“Assets of this nature are seldom becoming available in the sub $2 million range, which made it a hotly contested sale,” Mr Carman said.
The property currently is currently 93% occupied, with Mr Carman describing the last vacancy as a massive plus for the incoming owner.