A Sumner Park industrial building at 29 Jijaws Street, Sumner sold for $3.175 million by RWC Queensland’s Elliot Kidd on behalf of a local Brisbane owner.
A Sumner Park industrial building has sold under the hammer for $3.175 million.
Located at 29 Jijaws Street, Sumner, the 4,047sqm property was marketed by RWC Queensland’s Elliot Kidd on behalf of a local Brisbane owner.
The property was hotly contested, receiving 157 enquiries throughout the campaign, and recording eight registered bidders on auction day.
“The buyer is a Brisbane investor who owns property nearby and is very excited about the long-term prospects,” Elliot Kidd said.
“We have a lot of unsatisfied metro buyers in this sub $5 million price point.
“Selling substantially above the vendor’s reserve, this sale reflects the strong demand for industrial properties across south east Queensland.”
He said the property was fully-leased with four long term tenants, and sold at a yield of 4.8 per cent.
“The tenants service a variety of different industries,” Mr Kidd said.
“The property is flood-free and has recently received some minor improvements in preparation for sale.
“Sumner is just 17km from the Brisbane CBD with the Centenary Highway acting as a major thoroughfare, making Sumner Park a desirable location for industrial occupiers and investors.”