SOLD: Prime Ipswich CBD property fetches $1.5M
PRIME real estate in Ipswich's Top of Town precinct has sold for just under $1.5 million.
The Beaumont Tiles-tenanted shop at 202 Brisbane St sold with a five-year lease to the nationwide bathroom and tile retailer.
Burgess Rawson selling agent Jamie Dewe said the 392 sqm ground floor and 30 sqm mezzanine office area, specifically built for Beaumont Tiles in 2015, drew significant interest from prospective investors.
The sale price was $1,440,000.
"The Queensland commercial property market has had a phenomenal year, particularly with southern investors who are continually drawn to the exceptional value offered by Queensland property," Mr Dewe said.
"Ipswich is the fastest growing city in Queensland with population expected to grow from 200,000 to 435,000 by 2031. The city will undergo a $150 million CBD upgrade and will be home to the new Costco store in the near future. This prospect excited investors.
"The property produces a net income of $108,500 per annum and provides a unique 809 sqm site in prime central CBD location with 20m main road frontage."