Southport Freehold Investment Sold at Auction for $1.3 Million

Southport Freehold Investment Sold at Auction for $1.3 Million

A multi-tenanted investment opportunity in the heart of the Southport CBD on the Gold Coast has been sold at auction by Ray White Commercial Gold Coast for $1.3 million.

The freehold building at 111 Scarborough Street, Southport, was sold to a Sydney-based investorby Steven King of Ray White Commercial Gold Coast on behalf of a local owner for a yield of 3.4 per cent.

Steven King said the property was part of a Ray White Commercial auction event at the Gold Coast Turf Club which attracted a strong turnout.

“We had six registered bidders for the Southport property and some highly-spirited bidding,” he said.

“The owner was keen to sell at auction and we were delighted to see a great sale under the hammer.”

Steven King said the multi-tenanted building with holding income is very well positioned within the Gold Coast’s CBD.

“There are three established tenants in the two-storey building, which offers a nett lettable area of approximately 294 sqm and is on a land area of approximately 508 sqm,” he said.

“The property occupies a prominent corner position with rear side access and ample onsite tenant parking.”