Warana Warehouse Investment Sold for $1.388 Million
A tenanted modern warehouse on a prominent corner position in the popular Warana industrial estate on the Sunshine Coast has been sold by Ray White Commercial Caloundra for $1.388 million.
The strata-titled property owned and occupied by Solas Propellers at 3 & 4/1 Premier Circuit, Warana, was sold to local investor and businessman Tim Mayers by Ray White Commercial Caloundra’s Luca Reynolds for a yield of 7.4 per cent.
Luca Reynolds said Solas Propellers are leasing back the two tenancies on two titles with the warehouse/office facility offering a net lettable area of approximately 1,120 sqm on a 3x3x3 year lease.
“The buyer Tim Mayers is a local investor and businessman and owns multiple commercial properties around Australia. He saw the opportunity and great value in the property housed by Solas.
“This was a tremendous opportunity to secure a modern and tidy warehouse with a strong tenant who has been operating from this location for 10 years and in business for more than 30 years.”
Luca Reynolds said the property is located on the corner of Main Drive and Premier Circuit, with easy access to Kawana Way.
“Premier Circuit is close to the new Sunshine Coast University Hospital which will become a significant health precinct on completion this year,” he said.
“The health precinct is said to generate billions of dollars of capital expenditure, also providing an increase in employment which will include approximately 4,500 jobs for the medical professionals. It will also increase demand for residential, retail and commercial users and this will give a lot of focus to Premier Circuit as it is close to the health precinct.”