Queensland Officeworks trades for $14.5m
A northern Queensland Officeworks has changed hands following an expressions of interest campaign closing late last year.
The Hermit Park outlet at 48 Charters Towers Road, 1.5 kilometres south west of Townsville, collected $14.48 million – a 5.67 per cent net passing yield – from Brisbane investors.
On 9506 square metres with122 car parks is passed by some 250,000 vehicles a week according to the marketing agents, CBRE’s Darren Beehag and Neville Smith.
A 3472 sqm showroom was refurbished in 2019 offering the incoming owner depreciation benefits for tax (continues below).
Wesfarmers is on a lease expiring 2029 with fixed 2.8pc annual rent rises.
With four five year options, it can stay until 2049.
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