BOOMING BIDS
A FUEL and fast- food investment in Mount Louisa has sold at auction for $ 8 million at a yield of 6.25 per cent as investor interest in Townsville’s commercial property market continues.
The Bayswater Rd property which has national tenants including the United Service Station, Red Rooster and Domino’s sold to a mystery investor from regional Queensland at the Burgess Rawson February Portfolio Auction in Melbourne.
The two under bidders were also from Queensland.
Burgess Rawson Queensland sales director, Glenn Conridge said Townsville’s commercial market had strong appeal for investors and was emerging as a standout one in the regions.
“With Townsville’s thriving tourism, education, industrial and military based economy, it comes as no surprise that the region’s property market is also booming, particularly with key regional areas now topping many commercial property investors’ lists,” he said.
“Townsville has certainly cemented itself as the ‘ capital’ of North Queensland, and after attracting significant interest among commercial property investors over the past year, I expect the region will continue its popularity throughout 2018.”
The fully tenanted trophy asset is supported by secure 10 and 15year leases to major national brands.
The large 4048sq m corner site boasts a modern purpose- built fuel station and is ideally situated in one of Townsville’s strongest growth corridors at 450 Bayswater Rd.
The property offers lucrative de- preciation and taxation benefits as well as a combined net income of around $ 500,000.
The sale follows a commercial property at the Lakes Currajong, which houses Red Rooster, Pizza Hut and Troy Kebabs selling last month for $ 2.9 million at a Burgess Rawson auction in Sydney.
The property attracted interest from around the country before it was sold to a Sydney- based investor.
Last week, 273- 277 Charters Towers Rd in Mysterton sold to a Melbourne- based investor for $ 1.78 million.
The property has Katrina’s Hair and Beauty as the anchor tenant and brings in about $ 200,000 per annum of net income. Earlier this year, the former Crown on Palmer site in South Townsville sold untenanted to a Sydney- based investor for around $ 3 million. A new venue called Waterview 169 is set to open in the space later this month.