I am pleased to share the successful sale of a rare freestanding property located on a busy road in Brisbane’s northern suburbs. The property at 458 Enoggera Road, Alderley, was sold for $2.25 million to a private investor after auction. The buyer was drawn to the property’s strong passive income potential and long-term development opportunities.
The single-level building is currently leased to Exercise Health Australia, a well-regarded tenant providing services to private, Medicare, DVA, WorkCover, and NDIS patients. Previously home to a Taubmans Professional Trade Centre, the property was extensively refurbished to suit its current use.
This property was part of a deceased estate portfolio auction that I had the privilege of marketing alongside my colleague, Gavin Moore. Another property in the portfolio, a Westpac-tenanted building in Roma, was also successfully sold to a Melbourne investor for $980,000, achieving a 9.1 percent yield.
Speaking about the Alderley property, Gavin highlighted its appeal: “This is a high-quality land holding with development upside. It also has a strong lease, making it an attractive option despite current challenges in the development market. It is a great opportunity to secure a prime asset in a sought-after precinct, generating excellent income for at least the next five years.”
The campaign for this property drew significant interest, with 43 inquiries and five active bidders at auction. The 678-square-metre building, set on a 1488-square-metre site, boasts two-street access and includes 14 car parking spaces. The sale was completed at a 5.6 percent yield.
I was particularly impressed by the strong interest from a variety of buyers, including commercial property agents. The buyer ultimately chose this asset due to its long-term potential in a well-known precinct and plans to hold it as a passive investment, with the added benefit of development upside in the future.
Reflecting on the broader market, I believe 2024 will be a year of recovery for commercial property. While the market has not fully regained momentum, I anticipate increased sales activity as confidence grows. High-quality properties like this one will continue to perform strongly, although some assets may require care and attention before coming to market.
This transaction demonstrates the enduring value of well-located, income-generating properties with potential for future development, even in a challenging market. Working on this campaign and delivering a great outcome for all involved was a pleasure.
For a complete list of weekly commercial transactions in Queensland, visit McGees Wrap Up | McGees Property Brisbane
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