Caboolture townhouse complex bought for $2.1M

A SUNSHINE Coast based investor has snapped up a Caboolture townhouse complex of 10 dwellings for $2.1M following a successful expressions of interest campaign at 1-10/39 Mortimer Street.

The 1,619sq m* asset offered potential buyers the chance to secure a multi-tenanted, leased investment with a high level of occupancy.

The property was marketed and sold by Ray White Commercial Queensland’s Matthew Fritzsche and Michael Feltoe.

Mr Feltoe said the vendor originally tried to sell the townhouses individually via residential channels, before approaching Ray White Commercial QLD to target high net-worth investors for an in-one-line disposal.

“Investors were attracted to the comparatively higher yield than traditional residential investments, with the final sale price of $2.1M reflecting a net yield of 5.4 per cent,” he said.

“The asset includes 8×3 bed with two-bath and 2×2 bed with two-bath, built circa 2012, and there’s no doubt this was a great investment opportunity with an annual rental income of $152,880*.”

Mr Fritzsche said the five-week expressions of interest campaign was highly competitive, with enquiries well into the triple figures.

“The modern nature of the improvements and associated depreciation benefits were appealing, and that was highlighted by the fact we had 126 enquiries in just five weeks,” he said.

“The other drawcard was the growth potential of Caboolture and the wider Moreton Bay area, with the catchment experiencing unprecedented population growth.

“The property is improved with a modern residential complex, consisting of opposite facing 2x standalone blocks of 5x side-by-side dwellings.

“It’s situated just 50 minutes* drive north of the Brisbane CBD, and less than 1km* west of the Caboolture Town Centre.”

*Approximately.