A fully tenanted and newly redeveloped two-level art deco office building in the heart of the Mackay CBD has sold for more than $4m following a sale campaign that generated multiple offers, with the majority from out-of-town buyers.
The property at 36 Wood Street has a total building area of 1,026sq m over two levels with six car parks on a 1,012sq m site.
Tenants include Inspire Accounting, Oz Property Investment Centre, The Alley Espresso Bar and Mass Construction Group, with the investment having a WALE of 3.6 years and net income of $334,773 per annum plus GST.
It was purchased by an interstate private investor for $4.2 million in a deal negotiated by Deniz Mete of Knight Frank in conjunction with Ian McDonald of Blacks Real Estate on behalf of local development company SMH Property Group.
Mr Mete said the asset attracted multiple offers during the sales campaign, with the majority of enquiries coming from investors located outside Mackay.
“The fully tenanted property has an exceptional tenant profile and a secure income within a redeveloped, character-filled art deco building in a strategic and sought-after location in the heart of the Mackay CBD,” he said.
“This sale reflects investor confidence in the Mackay office market, and demand for high-quality buildings and fitouts in particular, of which there is limited supply.
“The office building at 36 Wood Street was redeveloped in 2024 and is of a high quality, demonstrative of the ‘flight to quality’ trend with proven tenant attraction.
“It was fully leased during its redevelopment, without any formal marketing taking place. Tenants were attracted to the high-quality fitout, as well as the location.”
Mr McDonald said 36 Wood Street was located on a prime CBD site in the heart of the Mackay CBD.
“It offers excellent exposure and signage, with efficient transport linkages to major infrastructure such as Caneland Central, Mackay Base Hospital and Mackay Airport,” he said.
“It is also surrounded by amenity including retail, commercial and accommodation, as well as being close to local schools, parks and public transport.
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