Tenanted Office Complex at Wynnum Sells for $1.82million and 9.3% Yield
A tenanted government-standard office complex in the Wynnum CBD on Brisbane’s bayside has been sold by Ray White Commercial for $1.82million.
The property at 212 Bay Terrace, Wynnum, was sold to a private investor by Ray White Commercial Bayside’s Nathan Moore and Abe Crowther for a yield of 9.3 per cent.
Nathan Moore said the seller had a building that was largely vacant. He said Ray White Commercial undertook an aggressive leasing campaign securing four new tenants within six months.
“We leased the final space just after settlement and were also able to secure the management rights of the building,” he said.
“The property is currently occupied by Brisbane City Council, Yaffa Publishing, O’Reilly Lillicrap Lawyers and EACH Social and Community Health. The final tenant, Westside Community Services, takes possession of the last tenancy during September.”
Abe Crowther said the building offered 700 sqm of lettable area on an 1,604 sqm commercially zoned site.
“The property contains five high quality tenancies, each with a modern internal fit out,” he said.
“It also comprises 27 secure basement car spaces, a large communal amenities area and rear external courtyard with prominent views over Moreton Bay.
“The property is currently returning a nett rental income of approximately $170,000 per annum.”
Wynnum is located on the shores of Moreton Bay and is approximately 16km east of the Brisbane CBD.