An undisclosed investor has snapped up Mount Isa's Supercheap Auto building for $1,015,000 prior to auction.
Supercheap Auto are a national long-standing tenant on the 6670 sq m site on Marian and Trainor St with a five-year lease recently renewed until 2024.
Ray White Commercial Gold Coast sales specialist Michael Willems marketed and sold the property.
Mr Willems said competition for the asset was fierce and showed why auction was an effective method of sale for commercial sites.
"The property represented a fantastic opportunity to purchase a quality income producing industrial investment in the heart of Mount Isa," Mr Willems said.
"The auction campaign generates competition among potential buyers and if a purchaser wants the asset badly enough, it creates an environment where there's less risk making a suitable offer before the auction takes place."
Mr Willems said development approval had been granted to extend the existing showroom by 153 sq m, which could ensure significant rental uplift while there was subdivision approval for the realignment of boundaries into two lots.
"Supercheap Auto is a thriving specialty retail business, specialising in automotive parts and accessories," he said.
"It's a well-known brand across the country and the security offered by this blue chip tenant was particularly appealing."
The sale comes a few months after the Mount Isa Coffee Club building sold for $865,000 at auction.
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