Local investor snaps up Capalaba, Brisbane retail site for $3.7 million
A local investor has snapped up a commercial retail site at Capalaba in Brisbane's east for $3.7 million.
The 1 Moreton Bay Road property is anchored by a Cash Converters outlet and sits on a site area of about 4,224 square metres, with the building area at about 1,542 square metres.
Ray White Commercial Bayside’s Nathan Moore and Michael Keddy were the selling agents, acting on behalf of a private seller.
“This freehold property has three tenancies with a potential net rental income of more than $320,000 per annum,” said Mr Moore.
Cash Converters started a 3 x 3 x 3 x 3 lease in January, 2011 and have exercised the first option.
An outdoor furniture is another tenant in the property, while the third tenancy is currently vacant.
“We are working with a number of parties to finalise a lease over this prized corner location,” said Mr Keddy.