Investor paves the way to Ipswich
THE Beaumont Tiles showroom site in the Ipswich CBD’s Top of Town precinct has sold for $1.44 million.
The 809 sqm site at 202 Brisbane Street comprises a 422sqm building, with a 293sqm ground floor and 30sqm mezzanine office area, leased to the national tile retailer on a five-year deal until October 2020, with two five-year options. Burgess Rawson's Jamie Dewe negotiated the deal.
It sold with a net income of $108,500 per annum plus GST from October 2017, reflecting a 7.53% yield. There are annual increases of CPI and ratchet clauses at options.
The showroom was purpose-built for Beaumont Tiles in 2015 after former owner, high-profile local architect Graham Birchall, shelved plans for a distinctive four-storey building.
The design included entertainment on the ground floor and first floor office space, with a striking curved glass exterior residential section rising two levels above.
He acquired the site for $600,000 in 2007 when it was a mostly cleared, uneven plot of land.
Birchall is the designer and long-time occupier, with wife Sharon, of the regional centre’s famous Bubble House in the Ipswich suburb of Karalee. It comprises 11 domes and prominently features circles throughout the design of its interior and exterior.
Australian Property Journal