A medical and retail complex east of Brisbane has traded off-market for $14.43 million – a 20 per cent drop on the price the vendors, two local private investors, paid in early 2017.
The 10-year old Horizon @ Wellington Point contains three buildings with a total 2616 square metres of lettable area.
Rented to 21 occupiers including a doctor’s surgery, physiotherapist, chiropractor, optometrist and chemist, and anchored by an IGA supermarket, it sits on a 6099 sqm Centre zoned plot at 677-685 Cleveland Road East.
While no details about the rental return have been disclosed since 2017 – putting that fully let net annual income ($1.27m) against the latest deal value – equates to a yield circling 8.8 per cent.
Off-market campaign results in lower flip price…again
When Horizon @ Wellington Point last sold – for $18.125m three years ago – it was following a public expressions of interest campaign.
Said to have attracted 60 enquiries, eight formal offers came in – the sale price reflecting a seven pc return (story continues below).
The investment was unsuccessfully marketed for sale via an expressions of interest campaign 16 months ago – but that online listing is still active.
Following an off-market negotiation this year, JLL’s Jacob Swan and Campbell Bowers traded the asset to a Queensland investor.
Wellington Point is 22 kilometres from the city.
The commercial investment is the second to recently be flipped off-market for an outcome substantially less than what the vendor paid.
Last week, a west Melbourne childcare centre which sold for $6.8m upon completion and following a public marketing campaign in 2017, traded for a speculated price less than $5.5m after a private promotion.