Tenanted Toowoomba Investment Sold at Auction for $990,000
A tenanted investment opportunity on the fringe of the Toowoomba CBD has been sold under the hammer at an on-site auction by Ray White Commercial Toowoomba for $990,000.
The property with three tenancies at 166 James Street, South Toowoomba, was sold to an investor by Daniel McNamara, Mark Wynhoven and John Smith of Ray White Commercial Toowoomba for a yield of 7.4 per cent.
John Smith said the auction attracted five registered bidders and the property was sold for well above the reserve price on behalf of a private owner.
“We had considerable interest in this strong investment opportunity and we were delighted with the result which offered a good return for the buyer,” he said.
“There were a large number of enquiries and inspections of the property during the marketing campaign.
“There was spirited bidding at the auction with 24 separate bids before a sale was secured under the hammer for $990,000.”
Mark Wynhoven said the property has a total building area of approximately 497 sqm and the three tenancies have a showroom, lunchroom, offices and amenities as well as rear lane access.
“The property returns combined gross rental of $82,385 per annum and offered a fantastic investment opportunity,” he said.
“The tenancies are currently leased to three locally based businesses.”
Daniel McNamara said the mixed use zoned property is located on a land area of approximately 810 sqm and is only a short walk to the city centre, the freshly rejuvenated Clewley Park and near the Toowoomba Base Hospital.
“Toowoomba is the commercial and economic hub of the Darling Downs, widely accepted as the service centre for the Surat Basin,” he said.