A Mitchelton Petbarn has sold under the hammer for $6.225 million.
Located in a highly sought after area at 45 Osborne Road, the 2,794sqm block received a lot of interest with six registered bidders and five active bidders on auction day.
The winning bid went to a private investor with a large number of holdings across south east Queensland. The buyer already owned other commercial assets on the same street.
The property was brought to market by Ray White Commercial Broadbeach agent Thomas Clark, in conjunction with FAL Property Group agents Richard Blanch and Daniel Hutchinson, on behalf of two private investors who were selling the property to help fund their retirements.
“This sale proves that the commercial market continues to hold strong, as the property sold with a 4.6 per cent yield,” Mr Clark said.
“Sites with blue chip tenants such as Petbarn are hot property.
“The sellers and buyer were both ecstatic with the result.”
Mr Clark said south east Queensland had seen exponential growth in the last year.
“This is continuing to show with our commercial market activity telling everyone that our climate is the most desired investment location, offering great returns and development opportunities with the 2032 Olympics.”
Ray White Commercial head of research Vanessa Rader said the commercial property market was not seeing the same changes as the residential market.
“We’ve heard a lot of discussion about the economy, inflation, and all things recovery in a post COVID-19 environment; however demand for quality commercial offerings is strong particularly given the spread to bond rates remain attractive,” Ms Rader said.