Investors Converge on Prime Burswood Corner!
Sold within a week!
Porter Commercial recently listed for sale 277 Great Eastern Highway, Burswood which is a prime corner site strategically situated between the Perth CBD and the domestic and international airports. The property comprised an 888sqm site with approximately 400sqm of commercial improvements, occupied by an established 24 hour convenience store operation.
The property was sold with a relatively new 15 year lease in place plus two 5 year option periods, offering buyers secure long term income. In addition the "office/residential" zone promotes medium to high density commercial and residential development, which is becoming more prominent in the area.
Being situated adjacent to the Graham Farmer Freeway on ramps, this stretch of Great Eastern highway is a real hot spot for metropolitan traffic as commuters converge from several major arteries. Burswood continues to progress and is presently undergoing significant urban re-development with the subject property surrounded by several major development precincts. With each project completed comes additional residents, visitors and workforce which only strengthens the value of the subject property.
Listing agent Cameron Porter provided the following comments:
"The property was neatly packaged and advertised 'For Sale by offers', resulting in an abundance of enquiries. Although the long lease term was appealing, we believe the property’s prime corner location within a rapidly developing area is what generated the widespread interest. It was evident early on that it would be the buyers who looked beyond the constraints of the lease who would recognise the true long term value of the property. We received several offers within the first week with the vendor's eventually accepting a competitive cash offer with clean terms."
Porter Commercials effective marketing package as well as access to qualified investors were contributing factors to the successful, timely sale of the property. The eventual sale price was $2.3 million (GST Exclusive) which represents a yield of approximately 6.5% on the current net rental.