A refurbished commercial office building in the Ipswich CBD with the Queensland Government recently secured as a long term tenant has been sold for $3.25 million and a yield of 9.0 per cent.
The single level building at 5-7 Wharf Street, Ipswich, was sold to a Gold Coast investor by Ray White Commercial Queensland’s John Dwyer and Jason Hines on behalf of a private investor.
Mr Dwyer said the standalone property which offers a lettable area of 1009 sqm was wholly leased to the Queensland Government for a 10 year and three month term which expires in 2025.
“We secured the lease of this building to the state government and it was pleasing to later find a new owner for the property after the vendor decided to put it on the market,” he said.
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“Rarely does the Queensland Government enter into a 10 year lease which made this property a highly attractive investment opportunity.”
Mr Hines said the building’s location in the Ipswich CBD and close proximity to Ipswich Railway Station, a Coles Supermarket and other key amenities made it an attractive leasing option for the state government.
He said the property, which is on a land area of 1,807 sqm and has an undercover car park for approximately 26 cars, had recently undergone an upgrade.
“The building had been substantially refurbished with a new electrical switchboard, carpets, ceilings, lighting and amenities,” he said.
“The office accommodation is of high quality with the building offering excellent natural light from all sides.”