Townsville Property Sells for $2M at Auction

TOWNSVILLE COMMERCIAL PROPERTY SELLS FOR $2 MILLION

A
multi-tenanted commercial building in inner-suburban Townsville has been sold
at auction by Ray White Commercial to a north Queensland-based investor for $2
million.

The
property at 155 Hugh Street, Currajong, was sold by Ray White Commercial
Townsville Directors Adrian Pascoe and Graeme Russell following a nationwide
marketing campaign.

Adrian Pascoe
said there was considerable interest in the property, which is 5km south west
of the Townsville CBD.

We
had more than 61 enquiries and seven registered bidders at the auction with the
investment appeal of the property attracting interest from potential buyers
nationwide,” Adrian Pascoe said.

“There
were 19 separate bids at the auction before the building was sold under the
hammer to a north Queensland investor.”

Graeme Russell
said the sale price reflected a net return of approximately 10 per cent.

“The
net return on this building s outstanding with an annual rental income of
approximately $202,000, so the amount of interest we received was
understandable,” Graeme Russell said.

The
well-presented property is situated on a 2,662 sqm site and includes 1081 sqm
of professional office space with seven secure and 28 open car parks subject to
various leases.

“The building has four separate tenancies and each
office featured ducted air-conditioning, male, female and disabled amenities
plus a lunch area,” Mr Russell said.