A Brisbane bulky goods asset leased to Officeworks has sold to a Sydney investor for $8.425 million sight unseen.
The deal for 92-94 Redland Bay Road, Capalaba, was struck on a 5.1 per cent net passing yield following an onsite auction contested by seven groups.
All were high net worth individuals, according to Cushman & Wakefield’s Aaron Dahl, Michael Collins and Tom Moreland.
The 1782 square metre standalone store sits on a 4856 square metre site with 45 car parks and truck delivery bay.
It is passed daily by more than 43,000 cars.
Capalaba is about 17 kilometres south east of the city.
Officeworks in for the long haul
Officeworks has been based at 92-94 Redland Bay Rd since 2004 (story continues below).
Last year it renewed its lease until 2027; its agreement allows for a minimum annual 2.6pc rent rise plus market reviews.
With options, the Wesfarmers subsidiary can stay for a decade after that.
The property had never been offered for sale.
“The high-profile site is located in a retail precinct…which has an estimated 550,000 residents within a 15km radius,” the agents said.
“Capalaba has limited commercial land opportunities and sites such as this rarely hit the market,” they added.
“The last notable sale along Redland Bay Rd was the Freedom Centre…and sold in 2018 for $24.275m”.