This article is from the Australian Property Journal archive
A PRIVATE investor has bought a retail complex at Oxenford on the Gold Coast for $2.145 million on a 7.8% yield.
Colliers International’s senior executive Mason Kidman and Alan Robertson sold the property at 110-112 Old Pacific Highway. The four tenants, Ray White, a dentist, The Salvation Army and a Seafood & Pizza eatery occupy 570 sqm of total retail space with a combined net income of about $175,750 per annum.
The tenants have between one and four years left remaining on their lease with options ranging between three to five years. The largest retail tenancy, which is occupied by the Salvation Army covers an area of 220 sqm and demands $48,920 rent per annum.
Robertson said this property was a straight forward income producing investment which was managed entirely by the previous owner.
“There were a number of aspects about the property that appealed to the buyer. It is located in an emerging residential community and a busy shopping precinct with major highway exposure,” he said. “It will also benefit from significant infrastructure and commercial development that is currently in planning or under construction,”
“The retail complex is positioned over two titles on a land area of 1,556 sqm and it has potential for future development as it falls under a Zoned Central Oxenford Local Area Plan with allowance of up to three storeys build,” Kidman said.
Property Review
