A 96sqm Liquorland store in Brisbane’s south-eastern suburbs has sold for $880,000 – reflecting a yield of 6.3%.
The St Lucia Liquorland, located at 3/28 Hawken Drive, is positioned within the Ironside Shops a single level convenience centre comprising seven retail shops, including Stepz Fitness, Pizza Capers, a pharmacy and medical centre.
The investment is leased to Liquorland – a subsidiary of ASX-listed Wesfarmers – on a five-year lease, with options until 2030.
“The opportunity to acquire a well located investment with a Liquorland covenant attracted considerable buyer interest, with more than 150 enquiries and 11 formal offers received,” Mr Narsey said.
“St Lucia is one of Brisbane’s most desirable metropolitan suburbs, with household income levels approximately 23% above the Queensland average – further giving weight to an investment opportunity of this kind.”
The convenience centre is located in a prime corner position on Hawken Drive and Central Avenue, offering a strong street profile.
Mr Narsey said the high level of interest received in the property highlighted the strength of demand for secure retail investments.
“Tenanted by one of the nation’s most well-known retailers, this property represented an outstanding opportunity for SMSF investors seeking long term and secure annuity style income stream.”
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.