Iconic Rocky building sells for over $4M
ONE of Australia's most historic buildings, the former Rockhampton Post Office and Telegraph building, has sold by private treaty this month for $4.115 million at a yield of 11.15%.
The local building occupies a prominent 1,863 sqm corner site in Rockhampton's CBD, and has recently undergone a complete internal refurbishment including a new lift and air conditioning.
The former post office is currently leased to three tenants; Fitzroy Basin Association, Degani Bakery Café and The Ranch Bar & Grill.
Burgess Rawson Sales and Leasing Executive Jamie Dewe, said the fully leased property's impressive historical architecture and uniqueness was a huge drawcard for the interstate investor who was influenced by the building's history, coupled with an attractive yield.
"The 19th century Classical Revival sandstone architecture with its modern internal fitout perfectly complements both the commercial and retail businesses located within, and has seen the property boast 100% occupancy since its completion," Mr Dewe said.
"With consistent rental growth and significant net income, the investor could not be more delighted to add such a unique, strong investment to their portfolio," he said.
The successful buyer, a Victoria-based investor, said they were excited to add the local property to their portfolio.
"Its original architecture and unique nature, coupled with long-term investment security, attracted me to the Post Office building and with a number of heritage buildings already in my portfolio, the Rockhampton property was a fantastic addition" they said.
While all details of the sale have been wrapped up, Burgess Rawson will continue working closely with the owner having been awarded property management of the 80 East Street site.
The heritage building asset will bring Burgess Rawson's property management portfolio in Rockhampton to five assets, including a childcare centre, government office building, and fast food restaurants Subway and Red Rooster.
Burgess Rawson Director of Asset Management Katie Goodall said Burgess Rawson is thrilled to be looking after the building, having managed a number of heritage listed buildings in the past.
"Our experienced and qualified team currently collect in excess of $30 million in rent and outgoing per annum, managing over 160 tenants in sites covering 85,000 plus square metres," Ms Goodall said.
"This heritage building really is a fantastic addition to our Rockhampton client portfolio, our Facility Manager has worked on the heritage listed Australia Post Brisbane GPO building, we're really looking forward to taking on total care of this highly valuable asset," she said.
The Rockhampton former Post Office and Telegraph Building produces a net income of $458,902.69 pa plus GST.
For further information about this property or current listings, Jamie Dewe can be contacted on 0410 350 273 or email firstname.lastname@example.org.
To learn more about Burgess Rawson's property management services and current clients, Katie Goodall can be contacted on 0498 498 188 or email email@example.com