Fully Leased Building in Hawthorne Sold at Auction for $1.43 Million
A fully leased character commercial building at Hawthorne in Brisbane’s vibrant inner east has been sold at auction by Ray White Commercial for $1.43 million.
The property at 135 Riding Road, Hawthorne, was sold at an on-site auction by Jonathon Jones of Ray White Commercial Brisbane Trade Coast for a yield of approximately 6.9 per cent.
Jonathon Jones said the complex has five income producing tenancies providing a net income of approximately $98,765 per annum.
“There was considerable interest in the 174 sqm building with 47 enquiries about the property and eight registered bidders at the auction,” he said.
“Bidding at the auction was keen and after an opening bid of $900,000 there were a total of 26 bids before the property was sold under the hammer to a local investor.
“It was a pleasing result for both the buyer and our vendor, who is also a local investor.”
Jonathon Jones said the complex on a land area of 339 sqm is located opposite Hawthorne Park and is approximately 4km from the Brisbane CBD and a short distance to the popular Oxford St, Bulimba, retail and café precinct.
“Properties such as this one in the Bulimba/Hawthorne precinct do not come on the market very often so there is always strong interest,” he said.