This office building can earn you $1m
The property at 19-49 Stanley St, Townsville City. Picture: Supplied
A commercial building offering a rental return of more than $1m has hit the property market in Townsville.
The modern office tower at 19-49 Stanley St, Townsville, is being offered for sale via Expressions of Interest.
Built in 2009, the four-level property is 100 per cent leased with seven tenancies, and is the first fully-occupied commercial office tower to hit the property market in the Townsville CBD in recent years.
The property sits on a 2409 sqm site with 2504 sqm of building area and a multi-level car park providing 134 car spaces.
Major tenants include the Commonwealth Government’s Department of Education, PriPark, Townsville Logistics, Rabobank and Dyno Nobel.
It has a WALE (weighted average lease expiry) of 2.98 years and a fully leased net income of $1,198,479 plus GST.
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The property at 19-49 Stanley St, Townsville City. Picture: Supplied
The property was purchased by Sentinel Property Group in 2020 for $10.975m and forms part of the Sentinel Regional Office Trust, which has a portfolio of office buildings in Townsville, Cairns, Brisbane, Darwin, Canberra and Newcastle.
The Stanley Street building sale is being marketed by Knight Frank agents Paul Dury and Matt Barker in conjunction with Nick Wedge of CBRE and Neville Smith of Burgess Rawson.
Mr Dury said the modern asset was expected to generate strong interest primarily from private investors and syndicators.
“This is one of the first fully-leased office towers in the Townsville CBD to be put to the market, which will test the appetite for quality assets in the city,” he said.
Sentinel CEO Warren Ebert said Sentinel’s Townsville office building portfolio also included Central Plaza at 370 Flinders Street and River Quays.
“Stanley St has performed strongly for the Sentinel Regional Office Trust over the past five years,” he said.
The Expressions of Interest campaign for 19-49 Stanley St, Townsville, will close at 3pm (AEST) on Thursday, November 20.
