Thursday, 19 June, 2014
Coast Investor Pounces on Leased Building
Sunshine Coast Daily June, 2014
The Emporio office building at Maroochydore has been sold to a Sunshine Coast investor for $10.1 million. This office building, which has a nett lettable area of 2,650sq m over four levels, is part of a multi-staged development of (when completed) seven detached buildings, including more than 250 one, two and three-bedroom residential apartments, retail shops, a restaurant on the ground floor and two commercial buildings.
The selling agent was Rem Rafter, of CBRE Sunshine Coast. The building is fully leased with the exception of two smaller ground-floor tenancies.
Tenants include Parsons Brinkerhoff, BDO, McInnes Wilson, Ferguson Cannon and ADG Engineering. There is a sales office and Houston Expresso on the ground floor and the two smaller vacant tenancies.
Most of the tenants are on new five-year leases. The building has had a nett income of more than $900,000 per annum and the sale price showed a yield of 9%
“It was a local buyer who was attracted to this investment property because of the lease and tenant profiles, together with the central Maroochydore CBD position,” Mr Rafter said.
Ken Reed, of Reed Property Group, said, “Over 90% of the 137 apartments now built have been sold. The next stage will comprise a further 40 apartments and the remaining 1,500sq m of commercial space.”
Posted in Press Clippings
