CQ property sells for $600k in midst of pandemic

Property experts say it’s great to see investor interest making a strong comeback.

A CENTRAL Queensland bank sold more than half a million dollars in midst of the coronavirus pandemic.

Blackwater NAB, located on the corner of Mackenzie and Rufus Sts has sold for $600,000, which a property expert says shows market resilience as Queensland COVID-19 restrictions continue to ease.

The property was sold towards the end of the 2019/20 financial year to a private investor from Sydney.

Agency Burgess Rawson revealed the tenants secured the property with a three-year lease to 2022, off the back of a secure 23-year history at the site.

Burgess Rawson's Craig Chapman negotiated the sale and said the tenant's history, its town centre location and promising returns made it a steal of a deal for the new buyer.

"This asset is an ideal entry level investment returning a steady net income of $68,851 per annum plus GST, in addition to attractive fixed three per cent annual increases," Mr Chapman said.

"The new buyer is also set to capitalise on confirmed upcoming tenant-expensed improvements of circa $30,000 worth of solar panels across the entire roof, which of course will increase the site's value."

Mr Chapman said it was fantastic to see markets and investor interest making a strong comeback, post-pandemic.

"The truth is, even in the wake of COVID-19, A-grade commercial assets are still highly sought-after," he said.

"From blue-chip and government tenants to service stations and banking assets, particularly those well-placed in regional hubs such as Blackwater.

"Our investors have certainly regained a strong appetite for quality commercial assets to the point where we're actually exceeding typical levels of interest for this time of year, with above-average interest between May and June."

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