The asset, that came with a 6,670sq m* site area and 657sq m* NLA, had Supercheap Auto as a national long-standing tenant with a five-year lease recently renewed until 2024.
The property was marketed and sold by Ray White Commercial Gold Coast Sales Specialist Michael Willems.
Mr Willems said competition for the asset was fierce and it was another example of why auction was an effective method of sale for commercial sites.
“The auction campaign generates competition among potential buyers and if a purchaser wants the asset badly enough, it creates an environment where there’s less risk making a suitable offer before the auction takes place,” Mr WIllems said.
“The property represented a fantastic opportunity to purchase a quality income producing industrial investment in the heart of Mount Isa.
“Development approval has already been granted to extend the existing Supercheap Auto showroom by 153sq m*, which could ensure significant rental uplift. Subdivision approval is also held for the realignment of boundaries into two lots.
“Supercheap Auto is a thriving specialty retail business, specialising in automotive parts and accessories. It’s a well-known brand across the country and the security offered by this blue chip tenant was particularly appealing.
“The city of Mount Isa is a city in the Gulf Country region of Queensland and is around 1,811 kilometres north west of Brisbane and 887* kilometres west of Townsville.
“Servicing outlying areas and a local population which is largely dependent upon the local mine which is owned and operated by Glencore Xstrata (formerly MIM Ltd).
“Consequently, the majority of the population consists of Glencore employees and associated industries.”