Stand-alone retail investment sold prior to auction
A RETAIL investment comprising of seven diverse tenants has sold prior to auction to a private New South Wales based investor for $1.23million.
Located at 2-4 Melaleuca Street in Kuluin, the single-level retail complex boasts a strong income stream from a variety of tenants with an estimated net income of about $88,642 per annum.
The deal was negotiated by exclusive agents Will Carman of Savills, and Diana Davidson of That Place Property.
Mr Carman said the previous owner was looking to free up some finances and was more than satisfied to sell the property prior to Auction.
"The property generated great interest from local, interstate, and national investors.
"We fielded two pre-auction offers with multiple parties ready to bid at auction but were able to achieve a great result prior to auction day," Mr Carman said.
The main drawcard of the property for the interested parties was the potential to value-add by improving the tenant mix, generating a more diverse income stream.
"Assets of this nature are seldom becoming available in the sub $2million range, which made it a hotly contested sale," Mr Carman said.
The property is currently 93% occupied, with Mr Carman describing the last vacancy as a massive plus for the incoming owner.
2-4 Melaleuca Street
What: Single-level free-standing retail investment, 10 separate retail tenancies on 2381sq m
Features: Great street presence and exposure. Seven tenants in place, two tenants occupy two tenancies. Ample off-street car parking with drive-through access. Local Centre zoning
Result: Sold prior to auction $1.23million
Agent: Will Carman at Savills Sunshine Coast, Diana Davidson of That Place Property
Contact: 0477 666 355