Hemmant Investment Sold at Auction for Above Reserve Price
A freestanding warehouse investment at Hemmant in south-eastern Brisbane’s sought after TradeCoast precinct has been sold at auction by Ray White Commercial for an above reserve price.
The fully tenanted property at 36 Aquarium Avenue, Hemmant, was sold under the hammer for $862,500 to a local investor by Ray White Commercial TradeCoast’s Jared Doyle and Jack Gwyn on behalf of a private owner for a net yield of 6.4 per cent.
Jared Doyle said the marketing campaign attracted strong enquiry and there were seven registered bidders at the onsite auction for this property, which is returning net rental of approximately $55,000 per annum.
“We had strong interest from investors and owner-occupiers,” Jared Doyle said.
“This was a very keenly contested auction and we received 11 bids before the property sold for $42,500 above the reserve.”
Jack Gwyn said the approximately 400 sqm building is divided into two tenancies, with one lessee Macgregor Industries a tenant for more than 30 years.
“In the sub 2,000 sqm industrial market in the TradeCoast precinct there is strong demand by smaller business operators to both buy and rent in this location,” he said.
“The investment market is also performing well, with owner occupier businesses being able to access finance to purchase as an alternative to renting while private investors can see the value proposition of these assets.”