North Lakes gym sells after extension, reno
Keymax Property Group has sold a recently extended and revamped gym investment at North Lakes, north of Brisbane.
The 2411 square metre building at 44 Flinders Parade (pictured, top), parallel to the Bruce Highway, found favour with a local private investor for $8.16 million – a 6.2 per cent yield.
On 4591 sqm also facing Diamond Jubilee Way, the block contains 121 car parks and five motorcycle bays.
World Gym is the tenant on a lease expiring in 10 years, or in 2048 with options.
“A recent [c500 sqm] building extension facilitated a lease reset, further reinforcing the property’s strong investment profile,” Cushman & Wakefield’s Morgan Ruig, who brokered the deal with Mitch Taulelei and Luis Plazibat, said.
“The combination of strong lease covenants, excellent exposure, and long-term growth prospects made this a highly sought-after opportunity,” according to the executive (story continues below).
Mr Taulelei added the area has a diverse economic base, with retail – including a Costco and IKEA – healthcare, education and professional services.
“This ongoing expansion continues to drive both residential and commercial development, positioning the area as an attractive destination for investors,” he said.
North Lakes, in the Moreton Bay region, is 35 kilometres north of the CBD.
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