Tenanted Retail Building Sold for $2.1 Million
A tenanted freestanding retail building and separate residence with redevelopment potential (STCA) at Balmoral in Brisbane’s east have been sold for $2.1 million.
The property at 358 Riding Road, Balmoral, was sold to a private investor by Jonathon Jones and Jared Doyle of Ray White Commercial Brisbane Trade Coast for a yield of approximately 6.79 per cent.
Jonathon Jones said the approximately 167 sqm retail building on Riding Rd has three tenancies including Brother Espresso café, Bread & Butter and Beauty in Style Day Spa.
“We had solid interest in this property which is currently returning net rental income of approximately $142,626 per annum,” he said.
Jared Doyle said the approximately 812 sqm site in the highly sought after Bulimba area includes a three bedroom high set residence which faces onto Hawthorne Road.
“This site is zoned low medium residential and is suitable to a variety of future potential redevelopment options (STCA),” he said.
“It’s a fantastic location and is only about 100m to Bulimba’s vibrant Oxford St retail and café precinct and approximately 4km to the Brisbane CBD.”
Jonathon Jones said a marketing campaign by Ray White Commercial Brisbane Trade Coast generated more than 100 enquiries and resulted in the sale of five commercial properties in the inner east Brisbane area for a total of $7.415 million.