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.
THREE modern medical centres have been sold by a single local vendor in the Sunshine Coast Hinterland for a combined total value of $4.28 million with yields ranging between 5.5 and 7.2 per cent across the three sites.
Cooroy’s 8 Emerald Street(pictured above) sold for $1.88 million, 6 Imbil Island Road(pictured below) in Imbil sold for $1.2 million, and Pomona’s 5 Factory Street(pictured bottom) also sold for $1.2 million.
All three leased properties were sold by Ray White Commercial Noosa and Sunshine Coast North Property Consultant Tracey Ryan.
“A high level of national enquiry was generated on the properties; however, all three properties were ultimately purchased by savvy local buyers recognizing the growing demand for medical services on the Sunshine Coast,” Ms Ryan said.
“The centres were a mix of free-standing custom-fit and custom-built buildings originally used for the vendor’s medical group.
“All three were set up to specifically address requirements of the local areas and demographic, including small operating theatres and high-capacity generators in place to ensure a constant power supply.
“The current tenants are part of the Doctorlink Medical Centres Group with practices all over Queensland. Pomona sold on a 6.3 per cent yield, Cooroy on 5.4 per cent, and Imbil on a 7.2 per cent yield.
“These yields are reflective of demand for investment stock and a willingness to back growth on the Sunshine Coast currently being generated by a combination of infrastructure projects and an influx of capital city and international buyers moving to the coast.”
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.