Monday 01 November 2021

Investor returns for second asset

A SYDNEY-based investor has snapped their second Queensland asset in less than two years buying an older style retail building in Brisbane’s inner west. 

They paid $2.7m for the four-tenanted property at 2 Windsor Rd, Red Hill, after a deal struck by Your Commercial’s Damon Lewis and Chris Mcleod. 

Mr Lewis said the buyer had purchased a commercial property through Your Commercial about 18 months ago. 

“A few months ago, this same client once again contacted Your Commercial to buy another commercial investment property,” he said. 

“Realising the market was so tight with little or no properties available we began canvassing potential properties that fitted the brief. After a short search, 2 Windsor Rd, Red Hill was identified as an ideal investment.” 

On a 963sq m site with plenty of carparking, tenants include Australia Post and a chemist. 

According to CoreLogic it last sold in 2003 for $725,000. 

The recent sale realised a yield of 5.75 per cent. 

Mr McLeod said it will be a passive investment for the new buyer. He said finding right stock was a problem.

“I have investors wanting to buy stuff but I can’t find anything that has multiple tenants that are ready to go,” Mr McLeod said. 

 

The Courier Mail | Chris Herde | 22/10/2021 Page 64