SOUTHERN investor interest in Townsville’s commercial property market is continuing with a food and retail centre to be auctioned in Sydney.
The property has five leased shops with tenants such as Night Owl Convenience, Zarraffas Drive-Through Coffee and Noodle Box and is at 161 Hugh St, Currajong.
The 3290 sqm site is next to Woolcock St which has 40,000 vehicles pass by daily.
The property will be sold under the hammer on May 8 by commercial agency Burgess Rawson in Sydney.
Burgess Rawson Queensland sales director Glenn Conridge said the property was a rare find.
“Multi-tenanted retail investments of such quality are hard to come by,” he said.
“It has a fully leased net income of $474,056 per annum and should achieve a solid result.”
“With a population that is forecast to grow by a whopping 52 per cent to 361,098 by 2036, Townsville is fast becoming one of Queensland’s prime investor hubs.”
Mr Conridge said regional commercial property markets were flourishing and Townsville was no exception.
“With Townsville’s thriving tourism economy attracting over $1 billion annually, it comes as no surprise that the tropical North Queensland town’s growing commercial property market is also drawing significant interest from commercial property investors,” he said.
“Southern state investors in particular are increasingly seeing a positive future for the Townsville market.”
In March Burgess and Rawson sold a fast-food investment in Mount Louisa for $8 million.
The property which has national tenants such as Red Rooster sold at auction in Melbourne to a Queensland investor for $8 million.
For more information on 161 Hugh St Call Mr Conridge on 0413 873 337.
View the property here.
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Originally written by Christie Anderson, Townsville Bulletin