Beenleigh strip sells for $2.25m

A LOCAL developer with an eye on the future has snapped up a strip retail property in Beenleigh’s town centre.

The property at 98-102 City Rd changed hands for $2.25 million in a deal struck by LJ Hooker Commercial’s Tony Hope and Tai Ma.

Mr Hope said the campaign fielded more than 60 inquiries and multiple offers for the 2000sq m site with 40m of frontage between an Aldi supermarket and the Exchange building.

“This property is at an entry point for Beenleigh and only minutes from the M1 and presents a significant opportunity for the local developer who has purchased it,” he said.

“In the immediate term, the investor benefits from a fullytenanted asset whose retailers leverage the patronage of a prime location next to Aldi.”

With six tenancies the sale realised a yield of 6.9 per cent.

Mr Ma said the property hosts 39 on-site car spaces.

But its rear site access to Alamein St was significant in attracting interest for the property.

“A future development could uniquely link City Road and Alamein Street, bringing true value to the site.”