Southport Investment Sold for $1.6 Million
An investment opportunity in the heart of the Southport CBD on the Gold Coast has been sold prior to auction by Ray White Commercial Gold Coast for $1.6 million after only being on the market for five days.
The office building at 48 Nind Street, Southport, was sold to a local investor by Michael Willems of Ray White Commercial Gold Coast on behalf of a private owner for a yield of approximately 8.0 per cent.
Michael Willems said the building offers net rental income of $128,000 per annum and there was strong interest as soon as the property came on the market.
“This was a fantastic investment opportunity with great holding income in a high exposure corner location,” he said.
Michael Willems said the building offers a net lettable area of approximately 548 sqm and is on a land area of approximately 483 sqm.
“There are four tenancies in the building with eight car parks,” he said.
“This is a prime Southport CBD location with great exposure to passing traffic and close to the G Link. Southport is currently the focus of a number of significant projects including the 2018 Commonwealth Games on the Gold Coast.”