Doubly impressive
ORMEAU-based investors have offloaded two multi-tenanted properties in Stapylton for $3.75 million.
The properties, at 10 and 12 Maiella St, sold for $1.675 million and $2.075 million respectively to separate Brisbane investors.
The sellers were Lee and Raymond Davies and an associated company, which bought both properties in the 1990s for a combined $298,000. Cush- man & Wakefield’s Dave Kertesz, who marketed the properties with colleague Luke Smith, said both sites were under contract within two weeks of hitting the market.
“The sales indicate strong demand for assets like these,” he said. “Another attraction was the lack of body corporate fees for tenants as the properties are not strata-titled.”
The five-unit 10 Maiella St property has 1235sq m of space and net rental income of $94,710 per year. Tenants include All Star Scaffolding, Factory Direct Flooring and Silver Zinc Supplies.
The 12 Maiella St property, which has Luna Pools and Creative Concrete Technology in its tenant pool, offers 1555sq m of space and has annual gross rental income of $187,640.
Mr Kertesz and Mr Smith are marketing another multitenanted property at 18 Maiella St. The property returns $54,000 in annual rental income and features a 600sq m facility on a 1500sq m block.
It has a list price $850,000. of