Impressive Turnout for Industrial Property Sold at Auction
A tenanted industrial property in a well-established Toowoomba location has been sold at auction by Ray White Commercial Toowoomba for $622,000 under the hammer.
The property at 19 Pechey Street, close to Toowoomba’s CBD, was sold to an investor by Mark Wynhoven and John Smith of Ray White Commercial Toowoomba for a yield of 5.98 per cent.
Mark Wynhoven said the on-site auction attracted an impressive 12 registered bidders.
“We had considerable interest in this strong investment opportunity and we were impressed with the result,” he said.
“The interest we had in this property far exceeds the level of stock we have in the market place.”
John Smith said the 470 sqm property was located on approximately 1,418 sqm of land and was zoned ‘low impact industry’.
He said the property had a long-term tenant which had recently extended their lease until 2019 with an option for another five years.
“The annual rental offers a return of approximately $45,000 per annum gross .This was a quality tenanted investment in a high growth region in Toowoomba.”