A rare freestanding Officeworks retail investment property has been released to the market in Brisbane’s inner south.
CBRE Retail Investments’ Senior Negotiator Nick Willis and Michael Hedger have been appointed to sell the asset which is located at 176 Ipswich Road, Woolloongabba.
The property is 100 per cent leased to Officeworks Limited, which has just signed a new 10-year lease with options until 2045.
The company is wholly owned by top 10 ASX listed Wesfarmers Group (ASX: WES).
Mr Willis said the property dominated one of Ipswich Road’s most prominent corners and was one of the most substantial listings to hit the inner city retail market.
“Inner city single tenanted retail investments such as this are seldom presented to the market and present investors a long term secure income stream with high underlying land value that allows for future development,” Mr Willis said.
The 3,584sqm inner city site offers a commanding outbound corner position on Ipswich road, approximately three kilometers from the CBD.
The building comprises 2,099sqm of net lettable space and offers convenient access, with ample on grade car parking.
The property generates an annual income of $483,000 per annum plus GST.
It is being offered for sale via an Expressions of Interest campaign, closing Thursday, September 3, 2015 at 12pm.