An interstate investor has snapped up a Clontarf retail investment for $1.28 million within 40 hours of it being presented for sale, reflecting the demand from interstate investors for stable defensive assets in South East Queensland.
Transacted through a targeted off-market process by Colliers Queensland Asia Markets agents, Tony Wang and Shaun Seeto on behalf of a local Asian developer, the site consists of the 178 square metre ground floor of the Seavue Apartments located at 80 Hornibrook Esplanade, Clontarf.
Colliers Asia Markets Queensland director, Tony Wang said the property was presented to a few investors who had indicated interest in SEQ commercial assets, with the successful offer made within 40 hours of presenting the investment for sale.
“The purchaser was attracted to the yield and the stability of the tenants, who have been operating in the building since it opened in 2014,” he said.
“The fully leased asset offered a secure investment with long-term tenants including well-known local café The Drowned Rat Espresso as well as DCS Management, a strata management company. They have both been operating in the building since the property was completed, offering a stable investment with a WALE of three years.”
Colliers Queensland Investment Services senior executive, Shaun Seeto said the asset offered a retail space with ocean views in a thriving bayside area.
“Selling for a yield of 6.9%, the asset is located directly beneath the Seavue Apartments with 69 residential apartments above, which offers a dedicated market for the tenants,” he said.
“Rarely do commercial investments like this come up for sale in this highly sought after bayside area. Both the purchaser and seller are delighted with the result of the sales strategy and process which saw such a fast sales result for both parties.”