Dynamic Brisbane duo launch RWC Gateway
After working together for almost a decade, commercial real estate team Jared Doyle and Jack Gwyn have taken their business to the next level, opening RWC Gateway.
A PRIVATE investor has purchased a 99 Bikes tenanted investment at 10 Scoresby Road, Bayswater, Victoria. The property was offered for sale during a national portfolio campaign and sold for $1.72 million.
The tenancy sits on a 973sq m* site with a 585sq m* showroom/warehouse. The property is 27km* east of Melbourne’s CBD and has exposure to over 23,000* vehicles per day.
The property was marketed by Ray White Commercial QLD Retail Investment Sales Agents Lachlan O’Keeffe and Michael Feltoe, with Ryan Trickey from Ray White Commercial Glen Waverley, and sold on a 5.81 percent yield.
“The asset was originally purchased vacant in 2019 for a price of $1.1 million plus GST. After spending roughly $30,000 on capital works to the building, and a successful marketing campaign, the property was sold with a 10-year lease in place for a healthy profit,” Mr O’Keeffe said.
“Marketing a ‘leaseback’ property for sale can be a delicate process to manage but one Michael and I enjoy. Helping buyers to understand the value of a leaseback investment with a secure tenant is a rewarding process for all parties involved.”
“The four-week national expressions of interest campaign generated over 250 enquiries and the property was subsequently sold to a private investor,” Mr Feltoe said.
“This transaction highlights the opportunity that strong performing national retailers who owner-occupy their premises have available to them.
“They can capitalise on the strength of their covenant as a tenant and reallocate capital from property to their business, which more often than not will yield them significantly higher returns.
“It’s hard to predict how long this strong performing investment market will continue or if yields can reach lower levels but it’s undoubtedly a good time to be a seller of investment grade assets.”
*Approximately.
After working together for almost a decade, commercial real estate team Jared Doyle and Jack Gwyn have taken their business to the next level, opening RWC Gateway.
In the dynamic and ever-evolving world of real estate investment, one key decision can make all the difference in the success of an investor’s portfolio: the choice of their management team.