Buyer banks on shopping centre entrance location

A freestanding bank building at the entrance to a well known shopping centre in the heart of Brisbane’s southern suburbs’ Chinese community has sold post auction.

A local investor paid $6.4m for the NAB building at 14 Zamia St, Sunnybank, in a deal struck by Kelly & Co Property’s Sarah Broad following an auction campaign.

Ms Broad said the location of the two-level property at the entrance to Sunnybank Plaza was a drawcard for buyers.

“The building is in a highprofile location at the main entrance to Sunnybank Plaza with a high volume of traffic passing daily, which provides significant exposure for this asset,” she said.

“The busy precinct, which has been home to this NAB Sunnybank Plaza branch for more than 30 years, is a highly sought-after area due to it being the heart of Brisbane’s Chinese community with many restaurants, shops and supermarkets within the immediate vicinity.”

On a 671sq m the 373sq m building is leased to NAB with a five-year option and includes 10 on-site carparking spaces. The sale realised a 5.97 per cent yield.

According to CoreLogic the property last changed hands in 2012 for $2.38m.

It was marketed by Kelly & Co Property in conjunction with Burgess Rawson’s Glenn Conridge who said commercial assets within the Sunnybank area had performed particularly well this year.

“Sunnybank is a precinct that is tightly held by a handful of high net worth families and institutions,” he said.

“Opportunities like this are rarely available in this thriving suburb. This is a trophy property and location that takes full advantage of what the area has to offer.

“We’ve sold a number of properties within the suburb this year including the Domino’s and Star Liquor-anchored retail on Beaudesert Rd which also saw a high level of inquiry from investors keen to get a foothold in Sunnybank.”