Sunshine Coast retiree pays 255m for Nambour investment property
Sunshine Coast retiree pays $2.55m for Nambour investment property
| 6 September 2019
A self-funded Sunshine Coast retiree has bought the Nambour headquarters of one of the region‘s oldest law firms for $2.55m.
The acquisition represents a shift in strategy for the purchaser, who has channeled funds from a fixed interest bank account into the Sunshine Coast investment property.
The modern, two-level office building at 6-8 William Street has housed Butler McDermott Lawyers for more than a decade.
CBRE Sunshine Coast’s Rem Rafter and Brendan Robins steered the sale after fielding 27 enquiries for the building, which is situated in the heart of the Nambour CBD.
Mr Rafter said; “Several offers were made before three potential buyers were short-listed. All of the investors were looking for higher returns on their investments as bank deposit rates hit historical lows.”
Butler McDermott Lawyers, with a history stretching back to 1913, recently signed a new seven-year lease on the building, providing prospective buyers with strong income security.
The building is within 150m of the town’s major retail complex the Nambour Plaza shopping centre and is only 50m from the intersection with Howard Street, one of Nambour’s main commercial streets.
The property has a net lettable area of 638sqm and ground floor car parking for 22 vehicles. Based on the rental income of $197,780 pa, the initial sale yield is 7.75%.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.