Retail Investment | $5,300,000 | Net Yield: 7.26% | QLD

Presenting a rare, high-yielding, multi-tenanted mixed-use investment opportunity at "Belrowes Place", 45-49 Bundock Street, Belgian Gardens, Queensland. This on-market asset reflects the calibre of diversified, income-secure properties Rethink Investing continues to identify on behalf of clients seeking exposure to Townsville's affluent eastern suburbs.

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This substantial 3,035 square metre corner site sits within one of Townsville's most affluent demographics, just two kilometres from The Strand foreshore and the Townsville CBD. The property is fully leased, delivering a net annual cash flow return of $384,694.69 and a net yield of 7.26%. The asset's standout feature is its diversified tenancy mix of 14 occupied tenancies spanning allied health, convenience retail, professional consultants and specialty operators, providing resilient income across multiple sectors with no single tenant dominating the rent roll.

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The site benefits from 54 on-grade car parks with two street access points, delivering excellent consumer convenience, while its Neighbourhood Centre Zone positioning supports a broad range of commercial uses. The corner configuration on Bundock Street, at its intersection with Heatleys Parade, provides exposure to over 27,879 vehicles passing daily, underpinning strong foot traffic for the retail and service tenants on site.

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Belgian Gardens is one of Townsville's most affluent eastern suburbs, positioned approximately two kilometres east of the Townsville CBD and within close proximity to The Strand foreshore and Jezzine Barracks. The surrounding area comprises established residential housing, medium-density apartment developments and complementary neighbourhood retail, consistent with the Neighbourhood Centre Zone designation and supportive of the asset's diversified tenant mix.

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Townsville is the largest city in Northern Australia and the business capital of North Queensland, with a population exceeding 200,000 and a Gross Regional Product of $20.91 billion. The economy is diversified across 19 industry sectors, with no single sector accounting for more than 15% of total output. Major infrastructure projects in the pipeline include the $1.6 billion Townsville Port Expansion, the $180 million Great Barrier Reef Aquarium waterfront renewal, and the $5 billion CopperString energy project, while the presence of Lavarack Barracks, Australia's largest Army base with over 3,800 military personnel, and the Singapore Government's $2.25 billion commitment to expand training facilities in the region, further anchor sustained population and economic growth.

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The property is rented at a blended rental rate of $244 per square metre net, with the average rate across the schedule sitting at approximately $240 per square metre. There is identified upside in the office rentals located on the first floor, currently at $208 per square metre gross, with an estimated uplift of $40 to $80 per square metre gross achievable, adding a further $21,000 to $40,000 in gross income. Rent review mechanisms across the schedule include CPI, 3% fixed, 3.5% fixed and 4% fixed increases, providing built-in income escalation and staggered lease expiries from 2026 to 2031, minimising rollover risk in any single year. The sole vacancy, Suite 4 at 134 square metres, carries a 12-month rental guarantee of $40,200 provided by the seller. High-quality, high-yielding properties of this calibre are becoming increasingly scarce, and this asset represents a compelling opportunity for the right investor, subject to further due diligence and valuation.

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With a purchase price of $5,300,000 and total cash required of $2,264,975 (including a 35% deposit and purchasing costs), the investment delivers a net annual cash flow return of $384,694.69, a net yield of 7.26%, and a net yield of 6.74% accounting for purchasing costs. Against a cost of loan of $223,925, the cash flow after mortgage costs sits at $160,769.69, translating to a return on equity of 7.10% in pure cash flow terms. Accounting for conservative capital growth of 5%, 7% and 10%, the return on equity increases to 18.80%, 23.48% and 30.50% respectively.

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With diversified income, a strong land-to-building ratio, identified rental upside, and positioning within one of Townsville's most affluent and infrastructure-backed corridors, this acquisition reflects the calibre of mixed-use assets that Rethink Investing continues to secure for clients.

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