Retail/Office Complex at Morningside Sold for $2.9 Million

 Retail/Office Complex at Morningside Sold for $2.9 Million

A leased retail/office complex with future redevelopment potential at Morningside in Brisbane’s east has been sold by Ray White Commercial for $2.9 million.

The property at 608 and 612a Wynnum Road, Morningside, was sold to a private consortium of investors by Jonathon Jones of Ray White Commercial Brisbane Trade Coast on behalf of a local owner.

Jonathon Jones said there was strong interest in the complex, which consists of three buildings totalling approximately 600 sqm.

“We had a lot of interest in this investment opportunity which is located just 9km south east of the Brisbane CBD,” he said.

“The property has four separate income producing tenancies currently generating a net rental of $133,000 per annum and a signed lease agreement on the remaining vacancy at $100,000 per annum due to commence mid December 2014.

“The tenants include Health Information Pharmacy, Forever Nails and Divitia.”

Jonathon Jones said the property is zoned multi-purpose centre (MP3) and is on a land area of approximately 1211 sqm.

“The complex has almost 30m frontage to busy Wynnum Rd and under the Brisbane City Council’s River Gateway Neighbourhood Plan for the Morningside Precinct there’s potential for redevelopment,” he said.

“The property is close to Morningside railway station and is ideally located with easy access to the Gateway Motorway, the Port of Brisbane and Brisbane Airport.”