Bundaberg CBD East and the Burnett River.
Bundaberg CBD East and the Burnett River. mike knott

Bundy's CBD abuzz with interest

BUNDY'S central business district has it all - from one of the city's most recognisable buildings to commercial office spaces.  

How about a site with approval for a nine-storey development or shopfronts right in the heart of the city?  

The CBD has a variety of options available for investors, with more than $15 million worth of commercial property advertised and on the market.  

But CBD Realty's David Radonich said he'd like to see more, with demand for property with a healthy return on investment in short supply.

"We really need more stock," he said.  

"Especially in that $1 million and under price range that has a 8-10 per cent return on investment."  

Mr Radonich said property with existing long-term national tenants was particularly attractive and for savvy investors, and if priced accordingly to offer a return of 8-10 per cent, it was more appealing than having money sitting in the bank with interest rates at an all-time low.   

And interest for commercial property in Bundaberg's CBD is coming from far and wide, with interstate investors eyeing off Bundy's strong returns.  

Self-managed superfunds, in particular, are seeing commercial property as a solid investment, according to Mr Radonich.   

The strong return on Bundy's CBD property also meant existing owners were more likely to hold on to their assets, which also contributed to a shortage of properties.  

But Mr Radonich said it did appear the current economic climate was having some impact on confidence in the CBD.  

"I believe people have money, they are just not quite as prepared to reach to the bottom of their pockets," he said.   

The long-time realtor said investors were more prepared to wait and see before jumping in.  

Among the CBD's properties listed for sale at the moment are 24 Toonburra with a $900,000 price tag, 4 Bourbong St, which was advertised at $116,000 and is under contract and 1 Targo St listed with a price of $550,000.   

The most recognisable building on the market is the five-storey Barolin Tower (formerly known as the Win Building) which was advertised up until last week with a $3,225,000 price tag.   

Although the building is not longer being actively advertised, it is still for sale and Mr Rodonich said there had been some interest in it.  

There's also a collection of shopfront spaces up fro grabs, with the complex at 19 Electra St up for sale at $615,000.   Another site looking to lure a developer is 36 Bourbong St, which is for sale at $1.5 million and comes with an approval for a nine-storey development.


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