Nine QLD assets sell for $54m in an auction with a Bunnings at Plainland selling for $22.2m
More than $54m worth of Queensland assets were sold under the hammer with local developer Nic De Luca selling three properties for tight yields including a newly built Bunnings, west of Brisbane.
Burgess Rawson’s Glenn Conridge said of the 41 properties around Australia the agency sold this week for $156m, Queensland assets achieved five of the top eight results in terms of tight yields.
“The market continues from strength-to-strength in the commercial investment property market, especially in Queensland,” he said.
“There was strong competition nationally with many of the assets bought by local Queensland private investors.
“We’re now finding there are more high net worth investors who have retired to the Sunshine state buying local properties.”
Mr De Luca’s newly built Bunnings at Plainland sold for $22.2m and in the process scored a national record yield of 4.21 per cent yield.
At his Berrinba Central development, in Brisbane’s south, he also sold a KFC for $5.16m with a 3.35 per cent yield and a Salvos tenanted property for $2.7m and a 4.7 per cent yield.
Mr Conridge said 13 investors made bids on the Bunnings, all were first-time Bunnings investors, including eight from Melbourne who all bidded on the property sight unseen.