A multi-tenanted investment in the heart of Mount Isa, anchored by State Government tenants has sold prior to auction
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The 1012 sqm freehold site located at 75 Camooweal Street sold for $1.2 million representing an 8.9% yield.
It is leased to long term tenants, the Department of Communities, Child Safety and Disability Services and the Department of State Development, Manufacturing, Infrastructure & Planning.
The third tenancy is leased Neato Employment Services, a specialist regional employment agency.
Kelly & Co Property Principal Pat Kelly said the property's long-term government tenants were a big drawcard for investors.
"Government leases and essential services investments are in very high demand in the current market. As we continue to grapple with the pandemic, these assets provide security and certainty for investors," Mr Kelly said.
"This property was built specifically for the State Government 30 years ago and it continues to provide vital Government Agency services to the Mount Isa and surrounding community.
"Neato Employment is also a very large regional Job Services Australia provider."
Co-agent Sarah Broad said the Mount Isa area continued to attract investment due to its mining roots and surge in the drive tourism market.
"With Queenslanders facing boarder closures, Mount Isa is benefiting from drive holidays across the state," Ms Broad said.
"The strength of the Mount Isa market is also underpinned by Mount Isa Mines and their continued investment in the region."
The property returns a net income of $107,020 + GST per year and was marketed by Kelly & Co Property with conjunctional agent Craig Chapman from Burgess Rawson.
The nearby Woolworths building is also for sale as are the Mount Isa spelling yards.
READ ALSO: Mount Isa street festival cancelled for 2021
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
