JLL QLD’s Tim Jones & Elliot O'Shea have confirmed the sale of 65-69 Sydney Street & 14a-16 Brisbane Street, Mackay for a combined $8.65m* following a competitive Expressions of Interest campaign which closed in late 2022 with negotiations carrying into early 2023.
A Sydney based property and investments group with experience in repositioning assets in the regions acquired the property with a view to significantly refurbish the existing buildings while benefitting from the significant holding income in place.
Situated on a 6,184sqm* site with three street frontages, 65-69 Sydney Street comprises two mixed use buildings totaling 4,289sqm* with tenants in place including Australia Post, Queensland Police & Kelly Legal.
The property is positioned in the centre of the Mackay CBD and adjacent to the recently refurbished Sydney Street Markets and benefits from excellent exposure, generous on grade parking and access to a variety of local amenity.
JLL’s Tim Jones said, “Demand for regional assets like Sydney Street are becoming increasingly popular as investors look to the regions for increased returns in response to the challenging debt environment”.
“We are seeing the same increased demand for value-add opportunities either through additional development or repositioning programs which are enticing historically passive investors to consider alternate purchasing strategies to deliver requisite returns”.
