TAIWAN INVESTORS SWOOP ON ASHGROVE RETAIL OFFERING
Taiwanese investors have paid $1.8 million for a retail and office complex in Brisbane’s inner west generating a net annual rental income of more than $160,000.
The property at 7A Ashgrove Avenue, Ashgrove, was sold to a group headed by Taiwanese businessman Tony Kuo by Damian McMahon of Ray White Commercial Ipswich CBD on behalf of a Sydney-based seller.
Mr McMahon said the offering comprised a total area of 278 sqm and the property has three established tenants.
“The net return of the complex is approximately $164,000 per annum and the sale price represents a yield of some nine per cent,” he said.
Mr McMahon said the sale highlighted the effectiveness of exposing a property to potential local, interstate and overseas markets .
“This particular buyer noticed the property for sale through one of our electronic marketing campaigns,” he said.
“We were also able to assist the purchaser through the buying process by helping to organise finance, valuation, property management and depreciation schedules.”
Mr McMahon said there was strong interest from Asian and Indian-based investors for commercial property in Queensland.
“Mr Kuo and his partners were pleased to purchase a relatively new, fully leased commercial complex in one of Brisbane’s most popular suburbs just 4km from the CBD,” he said.
“The complex is located in a busy retail precinct with the Ashgrove Village shopping centre directly opposite.”