Tyre Tenant Lures Buyers and a Record QLD Yield
A new building occupied by a national tyre retailer in southeast Queensland attracted 37 registered bidders before being snapped up by a Victorian investor.
They paid $2.65m for the Bridgestone Select-tenanted property at 6 Commercial Circuit, Flagstone City, in a Burgess Rawson auction.
Burgess Rawson’s Peter Uebergang said the sale of the Evans Long-developed property realised a 3.77 per cent yield — a Queensland record for a Bridgestone-tenanted property.
“There was a lot to like about the property and it was a strong auction with 37 registered bidders,” he said.
“It was brand new, had a national tenant, in a high growth area and buyers are seeking long-term investments.”
Bridgestone has a 10-year lease plus options until 2041 in the new 539sq m building.
Transact Property Group director Mark Dann who represented Evans Long, said the sale was a “tremendous result” for the vendor.
“The purchaser was keen to secure the prominent building with a long-term lease in place and situated in a booming growth corridor which is expected to become Australia’s 20th largest city when completed,” he said.
“Bidders at the auction spanned from up at the Sunshine Coast through to Sydney and Melbourne with multiple buyers from the Victorian capital showing the keenest interest.”