Four adjoining commercial strata lots providing modern office situated in the corridor between Brisbane and the Gold Coast have been snapped up by an investor following a highly competitive marketing campaign. 

The properties, consisting of lots 3105 to 3108 at 2994 Logan Road in Underwood, were purchased by  an interstate investor for $3.5 million. 

The sale followed an Expressions of Interest campaign run by Jacob Heinke and Hayden Ryan of  Knight Frank on behalf of the vendor, Properties & Pathways. 

The commercial offering of 699sq m is fully leased to Uniting Care Queensland, which has been  occupying the property for 15 years and has a lease in place for at least another five years, with  options after that time. 

With net income of $279,600, the property was sold on a yield of 7.99%, providing the incoming  purchaser with immediate positive cashflow. 

The strata offering is situated within the Portal Office Park, which was built in 2008 and comprises  three towers of A-grade office space across two and three levels plus a secure basement car park and  additional on-grade car parks. 

Mr Heinke said the property attracted significant buyer interest during the campaign, with 55 enquiries, 11 inspections and multiple offers, with interest coming from investors across Australia. 

“It is a blue-chip investment, being 100 per cent leased to a national and government-backed tenant which has established a position in the office park for almost two decades.,” he said. 

“Similar office and technology park assets positioned adjacent to the M1 Motorway have proven success in providing modern and convenient office accommodation for staff across SEQ. 

“2994 Logan Road is central in Underwood’s business district and is the largest holding in the Portal Office Park. 

“Knight Frank tailored a marketing campaign to attract private wealth from across the country by  collaborating with our presence in every major city across Australia.” 

Mr Heinke added that the four strata titles in the offering provided the incoming purchaser with long term flexibility, in terms of a future leasing or sales/exit strategy.

Mr Ryan said the campaign generated strong interest from both local and interstate private investors  given the lack of investment grade stock on the market.  

“Ultimately, the buyer was drawn to the long-term lease and positive outlook for Southeast  Queensland’s commercial property market.”  

Properties & Pathways Managing Director Cal Doggett said: “This divestment was well-aligned  with the strategy we embarked on six years ago and importantly, it shows our loyal inventors a healthy  return of over 60.00% during this period.  

“The same attributes that initially attracted us to the asset are still true today and we believe the incoming buyer understood this stability and will benefit from this tenant security in years to come.”

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