Situated prominently within the Broadbeach CBD the subject property is a solid retail investment secured by the well-established, long term occupant, Remax Beach City, Real Estate Agency. The property consists of 136m²* ground floor retail area plus 6m²* storage area, and includes two car parks.
The Vendor of Remax Beach City Real Estate Agency was in fact the owner of the business and committed to a new 5 + 5 Year lease on an initial year 1 commencement rent of $80,000* per annum plus outgoings with 4% annual increases.
The property is positioned in a strong investment growth precinct, with in excess of one billion in development and investment occurring in the immediate area. The Strata titled property was auctioned in Rooms at the Gold Coast Convention Centre with a capacity crowd of approximately 250 people, there was spirited bidding with the property being sold under the hammer.
| Sales Analysis* | |
| Sale Date: | 13th November 2014 |
| Enquiries: | 13 |
| Lettable Area: | 136m²* (109m²* internal + 27m²* courtyard/alfresco area) |
| Sales Process* | |
| Method of Sale: | Auction |
| Marketing Time Frame: | 4 weeks |
| Marketing Budget: | $7,115.00 |
| Sale Price: | $880,000 |
| Yield: | 9% |
| Rate per square metre: | $6,470/m²* ($8,073/m² internal area) |
*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
Ray White as exclusive agent is pleased to offer for sale the freehold interest in 99 George Street, Beenleigh QLD…