A block along Milton Road recently went on an auction and has drawn huge interest from locals because of its unusual feature: it comes with a telco tower that will give the new owner an opportunity to earn as much as $50k a year.
Read: Polonia in Milton Secures Loan & Donations to Keep Historic Landmark
It was the first time in 47 years that the property, located at 278 Milton Road was listed on the market. Agents handling the sale of the property described it as an “outstanding investment opportunity,” as it has a Telstra lease which increases each year until the lease expires in 2033.
LJ Hooker Brisbane City and Colliers Brisbane revealed it was the first time they sold a property with a telco tower in it. The unusual auction held in September 2021 has attracted more than 50 inquiries a week prior to the auction.
Based on the listing, the 1955-sqm property consists of blocks of units with ample on-site parking with two street access, one from Milton Road and one from Nerida Lane. It’s situated within 2km of Brisbane City and is within walking distance to Suncorp Stadium, Ferry Terminal, Bus Stops, and other amenities.
Still, the drawcard of the property is a significant opportunity to improve and increase income. It has a total gross income of over $170,000 and annual 6% fixed rental increases.
Hosting a Mobile Tower on Your Property
Hosting a telco tower on your residential property can be a good way to generate income. Based on industry estimates, the average rental rate of telco towers ranges from $100 per month to $100,000 a year.
Whilst it’s guaranteed to increase your income, it’s worth noting that it will come with both pros and cons.
Telco property experts suggest getting help when it comes to reviewing the lease from a legal perspective. There are a few legal issues to consider when hosting a telco tower on your premises, including lease negotiations, environmental due diligence, and general lease administration.
