A private investor has snapped up a fully leased medical/commercial asset in Nambour, an established town and one of the main administrative and business hubs on the Sunshine Coast, from a private Brisbane owner for $2.95 million.
The standalone medical investment at 42-44 Howard Street is on a prominent corner lot opposite Nambour Plaza Shopping Centre and within central Nambour CBD and leased to long standing medical tenants.
The property is anchored by a well-established and one of the main medical centres servicing the Nambour Region and sits on a 1,429sq m site with a net lettable area of 621sq m and 31 on-site car parks.
Scott Gardiner of Savills Sunshine Coast negotiated the deal and said both the medical clinic and the Chiropractor are long term tenants and there is a new lease on the ground floor to Coast 2 Bay housing group.
The Sydney based investor who has some other assets within the region of Nambour and Sunshine Coast purchased the property just prior to Christmas, with settlement in February.
The investment represented a quality standalone corner parcel of land with long standing tenants. The property had an approximate net rental return of $221,500pa* spread across 3 strong medical and commercial tenants.
We are finding a lot of southern based private investors are looking at the Sunshine Coast as a safe place to investment given the strong population growth and interest in the region and given the fact that better returns can be achieved compared to investments within the Metro areas of Melbourne and Sydney. Due to this we see yields compressing over the next year or two, especially with such record low interest rates for commercial lending.