BUSINESS AS USUAL: Tenants at 155 Alma St have solid leases.
BUSINESS AS USUAL: Tenants at 155 Alma St have solid leases. Allan Reinikka ROK271218arealest

Tenanted site sells for $1.7 million

A ROCKHAMPTON CBD commercial precinct has sold for nearly $2 million this month with government funded organisations as anchor tenants.

The commercial precinct located at 155 Alma St was settled this month for a sale price of $1.7million.

155 Alma St, Rockhampton.
155 Alma St, Rockhampton. Contributed

The buyer was a southeast Queensland investor, who selling agent Diane Edwards, sales and leasing consultant with L J Hooker Rockhampton, said will be getting a good return and rental income from the tenanted investment.

"It was sold at a good yield of about 8 per cent, which is a record for Rockhampton in the current market,” she said.

"Tenants include headspace Rockhampton, LiveBetter Community Services and Rockhampton Youth Justice Centre. Those tenants are all on solid leases.”

Property at 155 Alma Street.
Property at 155 Alma Street. Allan Reinikka ROK271218arealest

According to Ms Edwards, the property wasn't advertised on the market.

"I knew the owner because I had leased a few of his properties previously,” she said.

"I had buyers looking for a tenanted investment - so I was ringing all of my clients asking if they wanted to sell.

"I pro-actively got that sold.”

155 Alma St, Rockhampton.
155 Alma St, Rockhampton. Contributed

Ms Edwards said the sale follows a stabilisation of the commercial and industrial market for Rockhampton.

"The commercial market in Rockhampton has certainly picked up, I have been getting big sales across the board,” she said.

"Leasing has also been up, we have been renting a lot of sheds, in particular smaller sheds.”

A Month in Review report for December released by Herron Todd White also states there has been stabilisation of the commercial and industrial market for Rockhampton.

It uses the recent transaction of the Siemens workshop to show a return of investor confidence to the market.

The property sold for $3.3 million at auction in October and reflected a yield of about 8 per cent.

The report concludes these sales throughout the year could indicate we have seen the bottom of the market and a recovery could be on its way.

According to the report, committed and potential major projects in the pipeline for the region, such as Rookwood Weir, Clarke Creek wind farm, Shoalwater Bay facilities upgrades and the Rockhampton Ring Road, could bring more positive news for the sector heading into 2019.

Six latest commercial sales in Rockhampton CBD

155 Alma St - sold on December 12 for $1.7 million.

4/49-51 Bolsover St - sold on October 9 for $176,000.

96 Bolsover St - sold on September 18 for $852,000.

57 Derby St - sold on September 6 for $505,000.

114 William St - sold on September 6 for $330,000.