Ashgrove Investment Sold for $1.2 Million

Ashgrove Investment Sold for $1.2 Million

A tenanted investment opportunity in the inner Brisbane suburb of Ashgrove has been sold by Ray White Special Projects (Qld) for $1.2 million.

The property divided into 10 self-contained flats at 85 Stewart Road, Ashgrove was sold to a Sydney investor by Andrew Burke and Matthew Fritzsche of Ray White Special Projects (Qld) on behalf of an overseas investor for a yield of 5.28 per cent.

Andrew Burke said the Queenslander style building is situated on a land area of approximately 812 sqm and the property is currently generating gross rental income of $ 63,380 per annum.

“We fielded 134 enquiries for this property which was sold post auction as a going concern,” he said.

“The strong interest received reflected a demand for commercial investment opportunities within 5km of the CBD.

“Strong amenity, low vacancy rates and limited future supply are also major attractions. The Sydney-based purchaser of the Ashgrove investment has a long term view to investing in South East Queensland. The overseas based seller was committed to another project and decided to divest.”

Matthew Fritzsche said the offering was well positioned in the popular suburb of Ashgrove and walking distance to transport, shopping cafes and restaurants.”

“Ashgrove and the surrounding suburbs are well serviced by public infrastructure and amenities including Woolworths, Aldi, Coles, multiple restaurants & cafes, medical centres and schools,” he said.