An interstate investor has purchased an iconic ground floor Woody Point retail investment for $3.7 million, reflecting demand from interstate investors for stable defensive assets in South East Queensland.
With 542 square metres of net lettable area and 25 car parks, the asset located in the Woody Point is directly adjacent to the newly refurbished Belvedere hotel and enjoys ocean views.
Transacted via an expressions of interest (EOI) campaign by the Colliers team of Tony Wang and Shaun Seeto and Accelerate Property Group team of Jeff Dolan and Jim Wicks, 14 Oxley Avenue Woody Point was sold on behalf of a local developer.
Colliers Queensland Asia markets director, Tony Wang said the asset was located on a corner waterfront location and fully leased to four tenants spanning across seven tenancies, providing a reliable income source.
“Generating a net income of $301,856 per annum with a WALE of 3.1 years (by income) this asset offered a stable investment opportunity,” Wang said.
“With multiple offers received, the successful purchaser is an interstate-based investor who was attracted to the high yield on offer and the immense amount of residential development activity in the immediate precinct.
“With 48 residential and short stay apartments located directly above the retail tenancies and also located directly opposite the iconic Belvedere Hotel and adjacent to the Woody Point Jetty, this asset ticked all of the boxes.”
Colliers Queensland Investment Services senior executive, Shaun Seeto said the asset offered investors a great opportunity, offering a retail space with sweeping ocean views in a thriving bayside area.
“There’s a dedicated market with a myriad of residential unit buildings in the immediate area with further residential development expected to additionally support the retail amenity. With 59 metres of prime waterfront street frontage, rarely do commercial investments like this come up for sale in this highly sought after bayside area, hence there was such strong interest,” he said.
“The asset is fully leased to the tenants of Seafood Town, Ormorfia Hair, Café 3Eightnine, and Riverbend Villages & Resorts who are established traders, making this a set and forget investment.
“The sellers are a well-known local family and developer who built the Point Plaza Apartments in 2009. They were pleased to see the project’s journey from purchasing the site to building the Point Plaza Apartments, selling the apartments, and ultimately divesting of the ground floor retail.”