THE Gold Coast commercial market remained strong right now for “incoming producing assets”, according to the top commercial agent in the leading group, Ray White.
Michael Willems, who has sold more than $1 Billion in property in sales career, just sold three properties under the hammer for almost $5M with 28 bidders in the hunt.
“The market is very good for income producing assets at the moment,” said the top agent with Ray White Commercial Gold Coast.
“There’s definitely been strong local interest, fuelled by the yields available on the Gold Coast compared to assets in southern states.”
Mr Willems recently had eight registered bidders vying for 10 Harvest Court, Southportwhich ended up selling to a local investor for $2.350M.
“The owners were determined to sell this brilliantly positioned freehold property that adjoins the Ferry Road markets which was recently bought by AMP for $137M. It’s an awesome location across from the Porsche dealership and next to Freedom Furniture,” he said.
“It was a great spot, highly visible location, and the sale was $300,000 over the the reserve price.”
The property Lots 7 & 8 / 84 Brisbane Road, Labrador sold for $1,650,000. It has had a quality tenant in place for the last 13 years, with an eight year lease until 2024.
The property produced $142,841 in net income per year plus GST and outgoings and sold under the hammer for $1.650M with five registered bidders.
But it was this deceased estate property further up Brisbane Road that attracted a lot of attention when it was offered for sale for its first time ever.
Some 15 people registered to bid for Lots 1 & 2 / 229 Brisbane Road, Labrador which ended up selling for $765,000, more than $215,000 over its reserve.
“This was an outstanding opportunity and everyone knew it. The property’s net income is around $50K per annum + CPI and it’s fully leased with options.”
Mr Willems said these deals came on the back of another successful sale late last year.
He sold a small boutique retail holding at 20 Tedder Ave, Main Beach for $5.5M to the Symonds family of the Aussie Home Loans dynasty.
“Tedder Avenue is an awesome location and this property overlooks the busiest corner in Main Beach. I am a huge advocate of Main Beach given I live around the corner, ” he said.
10 Harvest Court, Southport – HIGH RES PHOTO HERE
Registered Bidders – 8
Lots 7 & 8 / 84 Brisbane Road, Labrador
Registered Bidders – 5
Lots 1 & 2 / 229 Brisbane Road, Labrador
Registered Bidders – 15
Ray White media manager
0413 842 112