74 & 76 Andrew Street, Wynnum

The sale of 74 & 76 Andrew Street, Wynnum, demonstrates how strategic property management and a well-executed sales campaign can maximise value for a commercial property owner.  Benn Woods and the team at RWC Bayside played a crucial role in positioning the property for sale by systematically improving lease structures and rental income, ultimately securing an outstanding result for the owner.

This property, comprising six units with a total nett lettable area of 1,103sqm* on a 1,808sqm* block with future development upside to 8 storeys/25m*, had been owner-managed for 30 years. While RWC Bayside had assisted with leasing over the past 20 years, the property remained under the owner’s management until nine months before the sale, when they engaged the team to take over full management responsibilities. With a clear objective in mind, the team focused on optimising the property’s appeal to investors by stabilising tenancies and ensuring rental income reflected market conditions.

The first step was establishing a market rental rate.  When a unit became available, it was advertised in an open market process, resulting in three offers within a week.  This provided a clear benchmark for rental values, allowing RWC Bayside to review all existing leases, many of which had been on rolling agreements.  By transitioning these leases to fixed terms of one to three years and securing a weighted average lease expiry (WALE) of two years, the property became a much more attractive tenanted investment. The structured lease agreements and improved rental income significantly enhanced the property’s marketability.

With the property now positioned as a compelling investment opportunity, the team launched a targeted four-week expressions of interest campaign, generating 50 enquiries and six written offers.  This highly competitive process resulted in a final sale price of $2.9 million, achieving a nett yield of 6.03%, an exceptional result for the area.

The outcome showcases the value of a strategic, step-by-step approach in preparing a property for sale, ensuring optimal financial performance and maximum buyer interest.

This sale highlights the expertise and commitment of Benn Woods and the RWC Bayside team in delivering outstanding results through meticulous planning and execution.  If you are considering selling your commercial property or need expert property management to enhance its value, contact Benn Woods and the team at RWC Bayside today.

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Benn Woods : 0408 689 651