Tenanted Townsville TV Site Sold for $2.6 Million
A multi-tenanted commercial building at Garbutt in Townsville used by regional television and radio broadcasters has been sold by Ray White Commercial Townsville for $2.6 million.
The Southern Cross media site at 43 Dalrymple Road, Garbutt, was sold to Sydney investors by Ray White Commercial Townsville Directors Graeme Russell and Adrian Pascoe on behalf of a local owner for a yield of 9.8 per cent.
Graeme Russell said the buyers were attracted to the property because of its strong yield compared with capital city markets and quality lease covenants.
“The property is leased to Southern Cross Media through to August 2019 and Protech Personnel to November 2017 and is returning combined net rental of $255,409 per annum,” he said.
“The property offers a building area of 1564 sqm on a land area of 3720 sqm. It is centrally located within minutes of the CBD and industrial estates.”
Adrian Pascoe said the building is configured to suit the purpose of regional television with a high level of technology such as backup generators and antennas.
“The building is a backup for Brisbane and can take over operations if the Brisbane studio is unable to broadcast. It runs a whole chain of FM radio stations as well.
“The well-presented property features full drive through capability, ample onsite parking, a corner location and a high quality fit-out.”