Far North Qld NAB Investment Banked
An investment opportunity with one of Australia’s big four banks as the long-term tenant in the agricultural rich community of Gordonvale, south of Cairns, has been sold by Ray White Commercial Cairns.
The single-level commercial office building at 98 Gordon Street, Gordonvale, was sold for $500,000 to Brisbane investors by Scott Green of Ray White Commercial Cairns after less than two weeks on the market.
The National Australia Bank branch which had occupied the site since 1930 was sold on behalf of a private owner for a yield of 11 per cent.
Scott Green said the office building with a gross floor area of 237 sqm and a rear courtyard is a quality asset and a prime piece of real estate in the growing township of Gordonvale, 25km south of Cairns.
“This is a low maintenance property which the tenant has occupied since 1930,” he said.
“The bank is the only one in the township and is well patronised by locals. The bank chambers have been constructed on the same site as the previous bank that burnt down and was rebuilt about 24 years ago.”
Scott Green said NAB’s current one-year lease commenced in April, 2017, with 4 x 1 year options.
“The property is returning net rental of approximately $65,872 per annum,” he said.
The team at Ray White Commercial Cairns offers clients a professional, honest and reliable service with extensive knowledge of the local area, experience in all aspects of commercial real estate, assistance at every level and advice on your property tailored to your needs. The agency produces a fortnightly newsletter which can be viewed at www.raywhitecommercialcairns.com