Southport Industrial Investment Sold for $1.31 Million
A tenanted industrial investment in the heart of a well-established industrial precinct at Southport on the Gold Coast has been sold at auction by Ray White Commercial Gold Coast for $1.31 million.
The freehold industrial complex with seven tenancies at 55 Bailey Crescent, Southport, was sold under the hammer to a private investor by Steven King of Ray White Commercial Gold Coast on behalf of a private owner for a yield of 4.8 per cent.
Steven King said six of the seven tenancies are occupied and the complex is currently generating nett rental income of approximately $63,105 per annum.
“The marketing campaign for this property attracted 36 enquiries and there was six registered bidders at the in-room auction,” he said.
“After some spirited bidding, this strategic industrial investment with development potential sold under the hammer. This property provides potential for income upside and is an investment with a diversified holding income stream.”
Steven King said the complex offers a net lettable area of 1074 sqm on a 2,668sqm site zoned ‘low impact industry’.
“The industrial complex is situated with ample frontage to Bailey Crescent, which leads directly onto Southport Nerang Road enabling travel east-west from Southport, or north-south along Wardoo Street towards Smith Street and the M1,” he said.
“The property is a significant parcel of land within the very tightly held Bailey Crescent industrial area.”