Interstate investor acquires iconic Clontarf retail property within 40 hours

An interstate investor has purchased a Clontarf retail investment for $1.28 million, just 40 hours after it was offered for sale.

The rapid transaction highlights strong demand from interstate buyers for stable defensive assets in South East Queensland.

Colliers Queensland Asia Markets agents Tony Wang and Shaun Seeto conducted the sale through a targeted off-market process on behalf of a local Asian developer.

The 178-square-metre property comprises the ground floor of the Seavue Apartments at 80 Hornibrook Esplanade, Clontarf.

Tony Wang, Colliers Asia Markets Queensland Director, said: “The purchaser was attracted to the yield and the stability of the tenants, who have been operating in the building since it opened in 2014.”

Long-term tenants include local café The Drowned Rat Espresso and strata management company DCS Management.

“They have both been operating in the building since the property was completed, offering a stable investment with a WALE of 3 years,” Wang added.

Shaun Seeto, Colliers Queensland Investment Services Senior Executive, noted the property’s unique features: “Selling for a yield of 6.9 per cent, the asset is located directly beneath the Seavue Apartments with 69 residential apartments above, which offers a dedicated market for the tenants.”

Seeto emphasized the rarity of such commercial investments in the desirable bayside area.

The swift sale process resulted in satisfaction for both the buyer and seller, demonstrating the effectiveness of Colliers’ targeted sales strategy.