Rockhampton Officeworks Sells for $6 Million

31 July 2017

A Gold Coast based private investor has snapped up the Rockhampton Officeworks store in Central Queensland for $6,050,000.

The transaction, which reflected an initial yield of 6.42%, was negotiated by Savills Peter Tyson, Steven Lerche and Pat De Maria on behalf of a Melbourne syndicate, following a recent Expressions of Interest campaign.

Situated at 134 Kent Street in Rockhampton's CBD, the 2,237sq m building is wholly leased to Officeworks for a term of 6 years, expiring in 2023. Developed on a 4,048sq m site, the store features parking for 44 cars.

Savills National Director of Retail Investments, Peter Tyson said "it was the first time the property had transacted since the syndicate originally acquired it in 2001."

He also stated "the property attracted strong investor interest from around Australia."

"As a wholly owned division of the ASX Top-10 Wesfarmers Ltd, Officeworks is a well-regarded business and tenant covenant in the marketplace. This style of investment is popular with private investors and self-managed super funds given the ease of management and simplicity of the asset class."

The Rockhampton Officeworks store services a very broad trade area including the Rockhampton to Yeppoon region and as far west as Emerald in Central Queensland.

 
 

Key Contacts

Peter Tyson

Peter Tyson

National Director
Retail Investments

Savills Brisbane

+61 (0) 7 3002 8807

 

Steven Lerche

Steven Lerche

National Director
Retail Investments

Savills Sydney

+61 (0) 2 8215 8929