The subject property is a large single level building boasting 50 underground basement car parks.
The property is situated on 2,026m²* of corner positioned land in Nerang and is surrounded by various government tenants.
The subject property was originally purpose built for the existing long term Australian government tenant Centrelink, and consists a lettable area of 1,401m²*.
Centrelink has occupied the premises since 1991. In December 2012 Centrelink entered into a new lease on a 4 + 3 + 3 year lease term.
The current nett income is $652,192pa*.
| Sales Analysis* | |
| Land Area: | 2,026m²* |
| Sale Date: | 7th March 2014 |
| Enquiries: | 29 |
| Offers Received: | 4 |
| Sale Process* | |
| Process: | Offers to Purchase |
| Marketing Time Frame: | 6 weeks |
| Marketing Budget: | $30,192.00 |
| Yield: | 9.25% |
| Sale Price: | $7,050,000 |
*approx
The subject property underwent a valuation process, which resulted in setting the reserve price at $2,150,000. A well-executed marketing campaign and robust competition during the auction led to the property’s sale at an outstanding price of $4,300,000, which is double the reserve. The property, situated on Morayfield Road, serves as … Read more
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