Savills : Queensland Officeworks Sale Sets New National Yield Benchmark

A brand new Officeworks, recently developed in one of Queensland's fastest-growing regions, has been sold on what is understood to be a new national record low yield for an Officeworks store.

The Officeworks at North Lakes in Brisbane's high-growth northern corridor has pre-sold on a 10 year lease-back for $7.093 million, reflecting a record 4.8% yield.

Savills Retail InvestmentsPeter Tyson and Jon Tyson handled the marketing and sale on behalf of Officeworks Limited to a private Melbourne-based investor with Joel Wald of MMJ Real Estate acting for the buyer.

Peter Tyson said Officeworks North Lakes attracted intense buyer interest nationally with more than 180 separate enquires and multiple offers.

'This was a very hotly contested offering, resulting in what is believed to be a new national benchmark yield for a freestanding Officeworks.

'New single tenant investments with long lease security and blue-chip covenants such as Officeworks are highly sought after by the marketplace due to their bond-like attributes,' Peter Tyson said.

Officeworks developed the new 1,661sq m store with parking for 57 cars on a 4,029sq m high profile corner site on Flinders Drive in the North Lakes Business Park.

Jon Tyson said, 'Officeworks viewed the location as strategic as the new store will join a growing list of retailers lining up in the North Lakes precinct.'

These retailers include Queensland's only Costco Wholesale outlet, Queensland's biggest Bunnings Warehouse, as well as IKEA's recently opened store in the nearby Westfield North Lakes regional shopping centre.'

'North Lakes is one of Australia's largest and most successful master planned communities, and has become the epi-centre of the high-growth urban corridor north of Brisbane.

'The market continues to witness strong demand for quality income streams,' Jon Tyson said.