A strata-titled, retail and commercial building on the city fringe has been put on the market through JLL Brisbane.
Located at 743 Ann Street, Fortitude Valley, the two-level building comprises ground floor retail units and upper level office space with a total net lettable area of 1,843 sqm. The ground floor retail space is currently fully tenanted by Bespoke Hair, Hal Coffee and Bar and Blue 7 Days Convenience, whilst the upper level office space is ready for occupation.
JLL Brisbane agents, Sam Byrne and Tim Jones, are marketing the property through an expressions of interest which closes 23 May 2019. The property is advertised with an income of $133,000 per annum.
“743 Ann Street presents an opportunity for a purchaser to acquire a freestanding asset with such prominence within walking distance to the highly desired James Street precinct. The combination of strong construction fundamentals, car parking availability and street presence positions 743 Ann Street as an ideal owner occupier headquarters,” Mr Bryne said.
The vendor, Singapore-based Hexacon Construction Pte Ltd, bought the whole building in 2014, over two separate transactions, for a total of $9.45 million, representing an initial yield of 8.87%. Unit 1 was sold alone for $8,032,500 and units 2 and 3 were sold together for $1,417,500.