Nerang Investment Sold for $4.4 Million
A retail/office investment opportunity at Nerang on the Gold Coast has been sold at auction by Ray White Commercial Gold Coast for $4.4 million.
The fully leased building at 39-41 Price Street, Nerang, was sold under the hammer to a local investor by Michael Willems of Ray White Commercial Gold Coast on behalf of a private owner for a yield of approximately 8.1 per cent.
Michael Willems said there were 17 enquiries for the offering and eight registered bidders at the in-room auction at the Gold Coast Turf Club.
“We had considerable interest in this fully leased retail/office building on a prime corner location,” he said.
“The property offers net rental income of approximately $356,773.34 per annum. The Department of Main Roads is the major tenant in the building and there are 11 other tenancies.”
The building offers a lettable area of approximately 1,137 sqm and is a land area of approximately 1,012 sqm. The property has 25 car parking spaces.
“This was a fantastic investment opportunity with great holding income in a high exposure corner location,” Michael Willems said.