Tenanted Industrial Complex Sold at Auction for $1.47 Million
A fully leased industrial complex in the heart of Southport on the Gold Coast has been sold at auction by Ray White Commercial Gold Coast for $1.47 million.
The freehold property on a land area of approximately 1,214 sqm at 17 Margaret Street, Southport, was sold under the hammer to a local investor by Adam Young of Ray White Commercial Gold Coast on behalf of a private owner for a net yield of approximately 6.1 per cent.
Adam Young said the marketing campaign for the seven-unit complex attracted a fantastic response with more than 70 enquiries.
“The auction at the Gold Coast Turf Club had 12 registered bidders and there was keen competition before the property sold under the hammer for $870,000 above the opening bid,” he said.
“The sale rate equates to approximately $2,880 per sqm.”
Adam Young said the complex had enjoyed a strong rental history and the property had recently been repainted.
“There’s a terrific tenant mix and the property is returning gross rent of approximately $115,000 per annum,” he said.
“The complex is ideally located near the Light Rail network with access to Nerang Street and Ferry Road.”