ALL Queensland properties on offer at Burgess Rawson’s latest round of auctions have sold under the hammer, with investors scrambling for high returns.
The biggest sale was a Sydney investor who paid $1.6 million for a Bridgestone Select leased property at 38 Mount Milman Drive in the Cairns suburb of Smithfield.
The sale of the 803 sqm building on a 1184 sqm site realised a yield of 6.21 per cent.
“The attraction of Queensland is that you can get that 1 or 2 percentage points better in terms of a return when compared to Sydney and Melbourne,” he said.
“The market is looking for value at the moment and there’s always a constant fear of possible interest rate rises in the future.
“So investors would rather be buying at 6 or 7 per cent than 4 or 5 per cent, if they can avoid it.”
In other deals:
- A Singaporean investor paid $1.222 million (5.87 per cent) for a 110sq m 7-Eleven store under the Reflections Resort at Lot 19, 110 Marine Parade, Coolangatta.
– A Sydney investor paid $620,000 (5.95 per cent) for a 76sq m Liquorland at 29-31 Hardy Rd, Mount Sheridan.
- A local investor paid $830,000 (7.45 per cent) for a 213sq m Ray White-leased property at 1-3 Rabaul St, Trinity Beach.
– A Brisbane investor paid $493,000 (7.85 per cent) for a 225sq m Fairburn Bakery leased property at 8 William Murray Drive, Cannonvale.
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Originally written by Chris Herde, Brisbane Courier Mail
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