Government-leased Ballina property sells for $870,001
THE government-leased commercial property, which hosts Northern NSW Local Health, has sold at auction last week for $870,001 on a 6.18 per cent yield.
The 265 sqm River Street building, which is securely leased to the NSW Government on a new 5 + 5 + 5 year lease, was in hot demand when it was listed for sale in Burgess Rawson's Flagship Portfolio Auction on May 19.
There were more than 130 enquiries and 40 contract requests for the commercial property, with six registered bidders and 24 total bids when it went under the hammer.
The property provides public health care services to a region of more than 300,000 residents and returns a net income of $53,725 pa + GST to the highest bidder.
The state-of-the-art asset, which is strategically located on the main street, includes three valuable car spaces on the title and has recently undergone a significant renovation by the government, tailored to suit their needs.
According to Burgess Rawson selling agents, the site is an ideal investment opportunity due to its strong tenant and prime location.