Nundah Central sold in off-market deal as investors look to Brisbane for retail opportunities
Nundah Central, located on Sandgate Road in Brisbane’s inner north, has sold for $4,425,000 in an off-market transaction to a Western Australian investor.
The site has an area of 1,639 sqm with an office and retail net lettable area of 554 sqm and 491 sqm, respectively.
The tenant profile of Nundah Central includes a strong history of occupancy with several tenants being long-term occupiers of the building; the tenant mix includes Max Employment Solutions, KC Pysch, Worth Real Estate, Jam Café, Siam Sensations, The White Bungalow and Lotus Wellbeing.
The sale reflected a yield of 7.27% and a strong result for the vendor, a locally based private syndicate.
JLL’s Sam Byrne and Christian Sandstrom were behind the deal.
“Competition for quality commercial assets in southern markets, particularly Sydney and Melbourne, is exceptionally strong at the moment, resulting in an increased interest in Brisbane from investors” said Sam Byrne.
