Skip Ribbon Commands
Skip to main content

News release

Brisbane

Brisbane, Queensland: $4.1 million for Indooroopilly site with development approval


​Brisbane, 30 May 2014 – A securely-leased property with future development potential in the heart of booming Indooroopilly in Brisbane’s western corridor has been sold for $4.1million in an off-market deal secured by JLL’s Mike Walsh and his colleague Simon Quinn. 

“The property at 12 Riverview Terrace in Indooroopilly boasts a defensive and risk-adverse tenancy profile underpinned by Montserrat Day Hospital (61%* of the income) who operate one of Brisbane's largest Gastroenterology Practices, an Open Access Endoscopy Service, as well as a medical practice with some 25 Specialist Doctors,” said JLL’s Mike Walsh, Senior Negotiator for Sales & Investments.

“Additionally, the asset features a current DA, which was approved in August 2013, for a 10-storey residential tower offering 37 apartments,” said Mr Walsh. 

The sale was offered off-market to a select group of qualified purchasers. The property was sold to a locally-based private investor who swooped on the asset by offering an unconditional contract with an expedient settlement timeframe. “Ultimately the combination of the security of the income stream coupled with the property’s central location and future development upside was what attracted the purchaser to the opportunity,” said Mr Walsh.

“On a site area of 1,179sqm and with an NLA of 675sqm, the property provides an Estimated Annual Net Income of $288,064 per annum which reflects a yield of 6.92%. The sharp yield is reflective of the quality of the asset and a genuine lack of opportunities of this calibre in this price point available in the market.”

Mr Walsh said in addition, the site to the rear of the property had received approval for a 21-storey, mixed use development on the former Eldorado cinema site, which coupled with the upgrade of Indooroopilly Shopping Centre, highlights the ongoing gentrification of the Indooroopilly area.