Mount Isa State Government Building Sells Ahead of Auction
A multi-tenanted investment in the heart of Mount Isa, anchored by State Government tenants has sold prior to auction
The 1012 sqm freehold site located at 75 Camooweal Street sold for $1.2 million representing an 8.9% yield.
It is leased to long term tenants, the Department of Communities, Child Safety and Disability Services and the Department of State Development, Manufacturing, Infrastructure & Planning.
The third tenancy is leased Neato Employment Services, a specialist regional employment agency.
Kelly & Co Property Principal Pat Kelly said the property’s long-term government tenants were a big drawcard for investors.
“Government leases and essential services investments are in very high demand in the current market. As we continue to grapple with the pandemic, these assets provide security and certainly for investors,” Mr Kelly said.
Co-agent Sarah Broad said the Mount Isa area continued to attract investment due to its mining roots and surge in the drive tourism market.
“With Queenslanders facing boarder closures, Mount Isa is benefiting from drive holidays across the state,” Ms Broad said.
The property returns a net income of $107,020 + GST per year and was marketed by Kelly & Co Property with conjunctional agent Craig Chapman from Burgess Rawson.