Commercial Property Land Valuation System in Queensland is Arbitrary and Unpredictable
New land valuations for 24 Queensland LGAs have highlighted the flaws and inconsistencies in the state’s system, writes Paul Butler.
A Brisbane-based investor has bought a leased retail asset in Maroochydore for $1,047,000 through Ray White Commercial Noosa & Sunshine Coast North.
The 115 Maud Street site was purpose-built for the former Brodie Lighthouse chain, according to agent David C Smith.
“The vendor has owned the property for about 17 years,” Mr Smith says.
“It was originally a lighting store but for the past 10 years or so, the 300sqm tenancy has been occupied by Sitting Around — a furniture business specialising in chairs and tables.”
Sitting Around started a three-year lease in April 2017 and has two three-year options.
Mr Smith says the sale price represents a yield of 7.15 per cent.
The annual gross income is $81,600 (plus GST) and the vendor is an interstate investor.
“The property attracted lots of interest and we received offers from $900,000 to $1,047,000,” he says.
Located on the intersection of Maud Street, Sugar Road and Trinder Avenue, the property has on-site parking and is near well-known businesses including Jaycar, Lawrence & Hansen Electrical, Profile magazine and Think Money.
New land valuations for 24 Queensland LGAs have highlighted the flaws and inconsistencies in the state’s system, writes Paul Butler.
Ray White Commercial has its first woman auctioneer. Chantel Dielwart has smashed the glass ceiling in the usually male-dominated auctioneer space, obtaining her accreditation late last year.