A syndicate of interstate investors have snapped up a 1,730 square metre site in Samford Valley, north-west of Brisbane, anchored by Snap Fitness. For a purchase price of $4.25 million, the site offers opportunity for further development.
Transacted through an Expressions of Interest (EOI) process by Colliers Queensland agent Nick Wedge on behalf of a private client, the Snap Fitness site is located in Samford Village.
Colliers Queensland investment services director, Nick Wedge said there was strong interest in the asset with the campaign generating over 60 enquiries and four offers at the EOI close.
“Rarely do commercial investments come up for sale in this highly sought after enclave in Samford Village, which led to strong interest in the campaign,” Wedge said.
“The buyers were attracted to the asset being 100% leased to international brand, Snap Fitness, on a ten-year lease until 2031, with a five-year extension option. Further to this, the property benefits from existing DA approval to extend the building area by 44% demonstrating the immediate development upside with passing income. The surge in population has fuelled the demand for health service assets, strengthening the position as a viable investment opportunity, with this asset transacting at a 6.43% yield.”
According to Wedge, this campaign offered investors the opportunity to acquire a fully leased quality premium investment in a thriving suburban precinct with development upside.
“The site is situated on the main Samford Village thoroughfare on a corner site, boasting one of the most exposed buildings on the street, and hosts the only gym in Samford. The site benefits from 25 onsite car parks with a 1:23 square metre car parking ratio which would support a variety of future potential essential service uses including retail, office, medical and childcare.
“With the median house price in Samford now almost $1.7 million and an average household income of $145,757, this is a high growth suburb that would benefit greatly from further essential services.”