Tenanted Balmoral Building Sold for $2.72 Million
A tenanted commercial building in a tightly held lifestyle precinct at Balmoral in Brisbane’s east has been sold within 48 hours of being listed by Ray White Commercial TradeCoast for $2.72 million.
The property at 175 Riding Road, Balmoral, was sold to a local investor by Jonathon Jones and Rhiannon Jones of Ray White Commercial TradeCoast on behalf of a private owner for a yield of approximately 6.81 per cent.
Jonathon Jones said the approximately 273 sqm property has three ground floor commercial tenancies including bottle shop Thirsty Camel, The Brow Bar and Bulimba Physio as well as a residential unit on the first floor.
“This property was sold off market and we had it under contract within 48 hours of securing the listing,” he said.
“It was a tremendous investment opportunity as it is currently returning net rental income of approximately $183,217.62 per annum.”
Rhiannon Jones said the property is situated in one of Brisbane’s premiere lifestyle precincts.
“The area is well serviced by cafes, restaurants, fashion stores and medical centres and is approximately four kilometres from the heart of the Brisbane CBD,” she said.
“The retail property is in a highly visible corner location has customer parking at the rear while there is plenty of street parking available.”