The Strathpine Centelink office has been sold to a private investor for $7.2m as well located properties with quality covenants continue to be in demand.
Knight Frank conducted an off market campaign for the site at 242 Gympie Road, which sits at the intersection of Gympie Road and Hall Street, 25 kilometres north of the Brisbane CBD.
The property contains a single level office building of 1,300sqm which is 100% occupied by the Commonwealth of Australia, represented by Centrelink & Medicare.
The property suffers from a lease with relatively short term extensions however Centrelink has recently exercised their option to extend through to 30 June 2024. The property generates around $459,370 in net income providing the purchaser with a 6.3% initial yield.
The 3,081sqm site sits amongst a wide range of nearby amenity and transport infrastructure including Strathpine Train Station (300m), Strathpine Centre (350m) and Strathpine Plaza Shopping Centre (1.0km).
Knight Frank’s Matt Barker and Blake Goddard handled the sale campaign on behalf of a private investor.
Related Articles
