A syndicate of interstate investors have snapped up a 1,730sqm site anchored by Snap Fitness, with opportunity for further development, for $4.25 million in a show of trophy investors  looking for defensive assets with future potential. 

Transacted through an expressions of interest process by Colliers Queensland agent Nick Wedge on behalf of a valued private client, the 1,730sqm Snap Fitness site is located at 26 Main Street (3 Cash  Avenue), Samford Village. 

Colliers Queensland Investment Services Director Nick Wedge said there was strong interest in the  asset with the campaign generating over 60 enquiries and 4 offers at the EOI close. 

“Rarely do commercial investments come up for sale in this highly sought after enclave in Samford  Village, which led to strong interest in the campaign,” Nick Wedge said. 

“The buyers were attracted to the asset being 100 per cent leased to international brand, Snap Fitness,  on a ten year lease until 2031, with a 5-year extension option. 

“Further to this, the property benefits from existing DA approval to extend the building area by 44 per  cent demonstrating the immediate development upside with passing income. 

“The surge in population has fuelled the demand for health service assets, strengthening the position  as a viable investment opportunity, with this asset transacting at a 6.43 per cent yield.” 

Nick Wedge said this campaign offered investors the opportunity to acquire a fully leased quality  premium investment in a thriving suburban precinct with development upside. 

“The site is situated on the main Samford Village thoroughfare on a corner site, boasting one of the  most exposed buildings on the street, and hosts the only gym in Samford.

“The site benefits from 25 onsite car parks with a 1:23sqm car parking ratio which would support a variety of future potential essential service uses including retail, office, medical and childcare. 

“And with the median house price in Samford now almost $1.7 million and an average household  income of $145,757, this is a high growth suburb that would benefit greatly from further essential  services,” Nick Wedge added. 

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