Bite size investment sells for $320,000 above reserve

A Fortitude Valley retail suite has been sold under the hammer for $1,670,000, some $320,000 above reserve.

The 1,000 Ann Street, Fortitude Valley was hotly contested with a total of 30 bids coming from five registered bidders, a mix of local and interstate prospective purchasers.

A local private investor secured the 132m² quality retail suite with the $1.67 million bid.

Hunter Higgins, associate director of investment services at Colliers International who marketed the property said the security of the asset with the long lease term positioned in the high growth corridor drove the spirited bidding competition.

“The vendor was originally going to consider offers off market, however our advice was to run an auction campaign to get more exposure and achieve maximum sale price, in this case well above vendor’s expectations."

“The property is ideally located in the vibrant and prestigious Emporium complex with a captive consumer market consisting of four residential towers, hotel facility and office building."

“There is future influx of prospective consumers with over 2,000 new residential units being developed within 500m of Emporium, so any tenants in the café/restaurant trade are ideally suited for this property and will benefit from this population growth.”

Picture courtesy of realestateview.com.au.