Investor snaps up central Indooroopilly pet store
A double fronted retail investment near the billion-dollar plus Indooroopilly Shopping Centre has traded for $4.85 million.
Despite the relatively short term lease, to Petstock, expiring in 2027 with no options – 252 Moggill Road, Indooroopilly, traded on a 6.23 per cent net passing yield.
The agents marketed the asset, five kilometres south west of Brisbane’s CBD, as a “sub 6pc return” possibility – with 450 square metres of lettable area and new exterior signage, allowing some depreciation taxation benefits.
The tenant pays fixed annual rent rises of four pc.
Petstock is 55pc backed by Woolworths Limited.
The site spreads 810 sqm with nine car parks.
AMP Capital and Commonwealth Superannuation Corporation control Indooroopilly Shopping Centre, with 116,000 sqm including a 16-screen cinema, Coles, David Jones, Kmart, Myer, Target Woolworths and c320 specialty tenants (story continues below).
Land at $6k/psm
The result for 252 Moggill Rd prices the land, with development upside, at $5988 per sqm.
“The purchaser was attracted to the property’s high profile metro location, approximately five kilometres to the CBD and adjacent to the Indooroopilly Shopping Centre,” Stonebridge’s Thomas Proberts, who sold the PetStock with Michael Collins and Tom Moreland, said.
“These strong fundamentals allowed them to look past the relatively short lease term to 2027 with no further options,” he added.
Peter Tewksbury of Tewksbury Commercial also acted for the vendor.
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