A fully leased retail office building occupied by M1 Lighting with redevelopment potential has been sold at Loganholme, south of Brisbane, for $1.135 million.
The property adjacent to the Harvey Norman Centre at 3894 Pacific Highway, Loganholme, was sold by Ray White Commercial Springwood’s Silvio Bevacqua.
Silvio Bevacqua said the property was purchased by a prominent local investor who has substantial commercial property in the area.
“Seeing the excellent redevelopment potential the investor has snapped up the property against some very strong competition,” Silvio Bevacqua said.
Silvio Bevacqua said the approximately 801 sqm block which currently has 610 sqm of net lettable area is a solid strategic site with the Harvey Norman centre on one side and QIC’s planned redevelopment site on the other.
“The current net rental return is approximately $100,000 per annum, giving a net passing yield of approximately 8.81 per cent which is a good result for the investor until the property is completely redeveloped,” he said.
On behalf of the new owner, Silvio Bevacqua has been appointed to project manage the redevelopment of the property and he’s also been appointed as the exclusive leasing agent.
“A national cafe operator wants to locate to the redeveloped property which is expected to be totally rejuvenated following a planned new DA now in process,” Silvio Bevacqua said.
“M1 Lightning wants to remain a long term tenant of the property but reducing their space.
“There’s limited ground floor retail space still available as well as some prestige office space on the first floor. The end development is planned to be offered for lease and sale as a strata titled offering subject to council approval.”