A Sydney investor has paid $5.25 million for a mixed-use East Brisbane commercial property “with significant development upside”.
The 1619 square metre site at 169 Wellington Road includes 17 car parks and a modern double storey building configured with a warehouse, showroom and office.
Returning annual rent of $322,000, the asset is selling on a 6.1 per cent passing yield.
The sale price values every square metre of lettable area at $3845.
Cushman & Wakefield’s Joe Kennedy and Andrew Gard marketed the Mixed Use zoning of the land as able to accommodate an eight storey structure.
Any high rise redevelopment of the parcel would capture views over Raymond Park to the Brisbane CBD, less than two kilometres away.
The property is a passive investment, too: with 70 per cent of its income derived from Rexel (trading as Ideal Electrical).
Relex recently signed a three year lease agreement with a three year option.
Mr Kennedy said seven written offers came in for 169 Wellington Road, East Brisbane.