Investor snaps up commercial site for $885K

AT A 8.5 per cent yield, this buyer has made bank on a commercial purchase.

An investor has snapped up a slice of commercial Proserpine to the tune of $885,000, at a yield of 8.5 per cent.

INVESTORS have made bank in Proserpine by snapping up a central holding for close to $1 million.

An undisclosed buyer cleaned up by purchasing the National Australia Bank, at 16 Main St, for $885,000, at a yield of 8.5 per cent.

Burgess Rawson sales director Glenn Conridge said the property is a welcome addition to the buyer's portfolio.

"This sale is evidence of the continued demand for quality investment properties in Queensland's north coast, particularly those tenanted by established and respected national retailers," he said.

"As Australia's sugar capital and the gateway to the Great Barrier Reef, the Whitsunday region's diverse economy is primarily driven by tourism, agriculture, mining and construction, which commercial buyers are increasingly recognising as a rich investment economy.

"Proserpine has also seen substantial growth since the upgrade of the Whitsunday Coast Airport which now services close to 500,000 passengers annually, which has certainly had a domino effect on the commercial property market with a growing demand for assets within thriving tourism hubs.”

The property has a secure three year lease to NAB with options extending to 2026 and annual fixed three per cent rent increases to the net income of $76,529, per annum, plus GST, cementing the property as a solid long-term investment.

The modern, single level building is centrally located on a 528 sq m corner site with a 49m street frontage and five on site car parks.

Originally published as Investor snaps up commercial site for $885K