Mitre 10 property to hit the auction block
REGIONAL Queensland's popularity with commercial property investors will mean all eyes will be on Roma next month when the highly sought-after Mitre 10 property hits the auction block at Burgess Rawson's flagship event at Melbourne Crown Casino.
Situated at 49 McDowall St, the highly exposed main road site has three street frontages and produces a net income of $515,225 per annum.
The property provides a unique opportunity, with annual rental increases providing sustained growth.
The investment, set to go to auction on September 20, has already drawn significant interest from prospective interstate investors.
Burgess Rawson selling agent David Ingram said the imposing 7098sqm site was in the centre of Roma, making it a catch for investors looking to buy.
"Roma is the thriving service centre for south-west Queensland and home to the southern hemisphere's largest weekly cattle auctions, so real estate is in high demand, especially when the tenants are responsible for 100% of outgoings including land tax,” said Mr Ingram.
"This is a landmark property that has been an icon of Roma, with a hardware store in occupation for 110 years.
"The modern 3225sqm building includes a main warehouse, drive-through timber yard and 65 on-site car spaces. This property is a substantial investment and is sure to catch the eye of investors at the September auction.”
The Roma Hardware Pty Ltd property is currently tenanted to a wholly owned subsidiary of Mitre 10, which is 100% owned by ASX listed Metcash. It is a thriving business that holds a secure 10-year lease to 2023 with options to 2037.
For further information, contact David Ingram on 0403464621 or email@example.com.