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BRISBANE, 2 September 2013 – Jones Lang LaSalle’s Mike Walsh and Sam Byrne have finalised a $3.2 million dollar sale in Springfield, with the deal settling last Friday.
The property comprises a freestanding medical / office centre at 29 Commercial Drive in the master-planned Springfield community some 30km south west of the Brisbane CBD.
It is currently occupied by Allied Medical Group Holdings (a fully owned subsidiary of the ASX listed Sonic Healthcare) and the Ipswich City Council, occupying areas of 485sqm and 105sqm respectively. The centre offers car parking for 22 vehicles including an ambulance bay and a permit for 5 doctors with operating hours of 6:30am to 6:30pm Monday to Friday.
The Site Area of the property featured 1,967sqm, with an NLA of 590sqm. Current Annual Rental generating $243,101.30pa plus GST with 100% of outgoings paid by the Lessee.
The property was sold on behalf of a Melbourne based private investor to a local Brisbane investor.
Accordingly to Jones Lang LaSalle’s Mike Walsh, the sale price reflected the rarity of offer and the level of demand for such quality stock.
“Greater Springfield is ranked as the third fastest growing Statistical Local Area (SLA) in Australia with an average population growth of 6.6% p.a.” he said.
“Rarely is the opportunity to secure an asset with strong fundamental investment characteristics underpinned by a 5 year+ WALE to two high calibre tenants in an established yet fast growing location offered to market.”
“The sale yielded an excellent result, and typified the strength of the market for investment opportunities in this price bracket, which are underpinned by a long term WALE and secure lease covenants,” he said.
Mr Walsh said he and his colleague received over 40 inquiries and seven Expressions of Interest before the deal finalised on prompt contract terms.
He said private investors were most prevalent in the sub-$5million market.
“The sub-$5million market is dominated by private investors, , and this market continues to gain momentum as we are witnessing increased activity and demand levels which augers well for the balance of the year and into 2014.”
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