COMMERCIAL real estate in Mackay is bouncing after a big ticket sale of the BP on Oak St, Andergrove.
The property sold this week for $4.15 million after being listed for $5 million late last year with the price dropping to $4.285 million at the beginning of this year.
Jamie Dewe, associate director of the selling agency, Burgess Rawson said the yield was 7.26 per cent with a 10 year lease in place, with two further five-year options.
“Both buyer and seller were from Queensland with service station interests,” he said.
The property was only on the market for four weeks and Mr Dewe said there is potential for large rental growth and CPI increases.
“North Qld has been high on investor radars in recent month with large volume of sales in Mackay, Rocky, Townsville and Cairns,” Mr Dewe said.
“Investment in the recent is great for future infrastructure investment, jobs and community benefits.”
The site had new tank lines in 2017 and the building and canopy were fully renovated and replaced in 2005, modernising the site.
The site provides a $301,514 net income per year.
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Originally published in the Daily Mercury, Mackay