 Asset Class: | Office |
 Price: | $ 23232 |
 Net Yield: | 23.00 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | On Market |
<p>An outstanding commercial investment opportunity in the heart of Mackay's 'Legal & Office' CBD precinct. This exceptional property offers 1,038sqm of Net Lettable Area (NLA) across multiple strata-titled lots with a diverse mix of professional tenants including Legal Aid, Taylors Solicitors, and Nobul Resources.</p> <p>Generating a substantial total gross rental of $320,407.86 per annum plus outgoings and GST, with a net rental of $298,498 per annum, this property represents a secure income stream with strong tenant covenants. The building features sought-after off-street parking with sixteen exclusive car parks, a rare commodity in the CBD.</p> <p>Situated on a strategic corner position with exceptional visibility and accessibility, this 'once in a lifetime' opportunity allows investors to bring all strata lots under one ownership, whilst still maintaining a sinking fund for capital expenditure. With a statutory land value of $260,000 (as of June 2023), this property presents exceptional value at the asking price of circa $4.175 million.</p> <p>The property comprises six lots with various lease arrangements in place, including Legal Aid on a 5-year lease with a 5-year option, and Taylors Solicitors with new 3-year leases plus 2x3 year options. This multi-tenanted investment provides diversification and risk mitigation, making it an ideal addition to any commercial property portfolio.</p>
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<p>The property is strategically positioned in the heart of <strong>Mackay's CBD</strong>, specifically within the designated 'Legal & Office' precinct. This prime location offers excellent visibility and accessibility, situated on Brisbane Street which is one of the main thoroughfares in the city center.</p> <p>The area is zoned as <strong>Business or Principal Centre</strong> under the Mackay Council Planning scheme, confirming its status as a core commercial district. The surrounding area features other professional service businesses, creating a synergistic environment for the current tenants.</p> <p>Mackay serves as a major regional center in Queensland, supporting the mining, agriculture and tourism industries of the region. The CBD location benefits from proximity to government offices, courts, and other essential services, making it an ideal location for the legal and professional service tenants currently occupying the building.</p>
Additional Location Information File<p>The property features a <strong>diverse mix of professional tenants</strong> across its six lots:</p> <p><strong>Legal Aid Queensland</strong> <ul> <li>Leasing Lots 1 & 7 (393sqm NLA)</li> <li>Rental: $133,332.86 pa +outgoings +gst</li> <li>Term: 01.03.2021 to 28.02.2026 plus a 5-year option term</li> <li>Reviews: CPI/December qtr</li> </ul> </p> <p><strong>Nobul Resources</strong> <ul> <li>Leasing Lot 6 (254sqm NLA)</li> <li>Rental: $60,000 pa +gst (inclusive outgoings) or $38,090 pa net income</li> <li>Term: 01.11.2022 to 31.10.2024 plus a 2-year option term</li> </ul> </p> <p><strong>Taylors Solicitors</strong> <ul> <li>Leasing Lots 3, 4 & 5 (total 395sqm NLA)</li> <li>Combined Rental: $127,075 pa +outgoings +gst</li> <li>Term: New 3-year leases plus 2x3 year option terms</li> <li>Reviews: CPI or fixed 4%, whichever is the lesser</li> </ul> </p> <p>All tenants are <strong>established professional services</strong> with Legal Aid being a government-backed entity providing excellent covenant strength. Taylors Solicitors occupies multiple lots with new leases featuring extension options, while Nobul Resources complements the tenant mix with a secure 2-year lease plus option.</p>
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<p><strong>Purchase Price:</strong> Circa $4.175 million</p> <p><strong>Income Potential:</strong> <ul> <li>Total Gross Rental: $320,407.86 pa +outgoings +gst</li> <li>Total Net Rental: $298,498 pa +outgoings +gst</li> </ul> </p> <p><strong>Outgoings:</strong> <ul> <li>Mackay Regional Council Rates: $27,925.20 pa</li> <li>Body Corporate Rates: $90,933.96 pa +gst</li> <li>Land Tax: $nil</li> <li>Management fees: 3.5% +gst on rent collected $11,214.28 pa +gst</li> </ul> </p> <p><strong>Statutory Land Value:</strong> $260,000 (as of 30 June 2023)</p>
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<ul> <li>Prime location in Mackay's legal and professional services precinct</li> <li>Substantial 1,038sqm NLA across multiple strata-titled lots</li> <li>Strong annual income with gross rental of $320,407 plus outgoings</li> <li>Diverse tenant mix with Legal Aid and established law firms</li> <li>Secure lease terms with options for extension</li> <li>Rare off-street parking with 16 exclusive car spaces</li> <li>Corner position offering excellent exposure and accessibility</li> <li>Opportunity to consolidate all lots under single ownership</li> <li>Well-maintained building with existing sinking fund</li> <li>Business or Principal Centre zoning</li> <li>Statutory land value of $260,000 (June 2023)</li> <li>Asking price circa $4.175 million representing strong value</li> </ul>
