99 Bikes Leased Retail Site Sold for $1.95 Million
A retail investment anchored by a tenancy to leading cycling retailer 99 Bikes at Cannon Hill in Brisbane’s east has been sold by Ray White Commercial for $1.95 million.
The freestanding building with future development potential at 937 Wynnum Road, Cannon Hill, was purchased by Auscan Group in a deal negotiated by Jonathon Jones of Ray White Commercial TradeCoast on behalf of a private investor.
Jonathon Jones said the approximately 626 sqm building which has five year leases for both 99 Bikes and All 4 Fitness was sold for a yield of approximately 6.7 per cent.
“Ray White Commercial TradeCoast had leased the tenancies in the freestanding building to 99 Bikes and All 4 Fitness over the past 18 months,” he said.
“We sold the building to development company Auscan Group in an off-market transaction. They were looking for an investment opportunity with development upside and this property is zoned for buildings of up to five storeys.”
Jonathan Jones said the property is short walk from Cannon Hill station and offers excellent exposure to busy Wynnum Rd.
“It’s on a prominent corner position and also offers great signage opportunities,” he said.
“The building has front doors facing onto Wynnum Rd with a rear roller door and side door access via Muir St.”