Add Category
A nine-room CBD student accommodation facility with a secure income stream has transacted for $1.42 million to a private investor from Sydney.
The deal was facilitated by Tim Packman and Robert Dunne of Savills, with the property located at 12 Gladstone Road in Highgate Hill representing a yield of 6.9%.
Executive of Commercial Sales, Tim Packman said there was strong local interest as well as investor interest from Sydney & Melbourne seeking attractive yields.
“We received a total of 107 enquiries and issued seven contracts throughout the four week campaign period,” Mr Packman said.
The 470sq m property is situated just off a major arterial thoroughfare and boasts commanding city views.
The property is located within short distance to some of Brisbane’s major and popular infrastructure including Queensland University of Technology (QUT), Queen Street Shopping Mall, Mater Hospital, Southbank, West End and Queensland Rail as well as ferry & bus services.
Mr Packman said the new Sydney-based investor has similar assets in both Sydney & Brisbane and was looking to grow his portfolio, with particular interest in Brisbane inner city fringe.
The property is situated within 950 metres to the $3 billion Queens Wharf development, which is due for completion by mid-2022.
“As well as offering a convenient location, the Queens Wharf project anticipates an influx of 1.39 million tourists each year as well as providing 8,000 new roles.
“The Queens Wharf Project can only be of benefit to this accommodation facility due to the continued attractiveness of South-East Queensland to overseas students as a popular destination to undertake their tertiary education, as well as demand from national & overseas job seekers,” Mr Packman said.