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.
Noosaville Investment Sold at Auction for $1,090,000
A tenanted investment opportunity in a busy Noosaville commercial and retail precinct on the Sunshine Coast has been sold at auction by Ray White Commercial Noosa & Sunshine Coast North for $1,090,000.
Options Eyecare’s premises at 14/18 Thomas Street, Noosaville, was sold under the hammer to a private investor by Ray White Commercial Noosa & Sunshine Coast North Directors Paul Butler and Paul Forrest on behalf of a local owner for a yield of 6.5 per cent.
Paul Butler said the marketing campaign for the 106 sqm tenancy in the Noosa Homemakers’ Centre attracted almost 1500 internet hits and there were five registered bidders at the onsite auction.
“Bidding started at $900,000 and there were 10 separate bids before the property was sold under the hammer,” he said.
“Options Eyecare is highly regarded in Noosa. Several bidders were clients and understood how good the operation is so they were interested in buying the investment opportunity.”
Paul Forrest said the property has a lease in place until August, 2025, and is returning net rental of $71,547 per annum.
“This was a strong result due to limited stock and continued high demand,” he said.
“This is a well patronized retail centre with three street frontages to main Noosaville roads, providing high exposure. Anchor tenants in the complex include Rip Curl, McDonalds and Rivers.”
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.