This article is from the Australian Property Journal archive
A FULLY leased industrial complex in Southport on the Gold Coast has sold under the hammer to a private investor for $1.47 million.
The sale price reflected a 6.1% yield and floor rate of $2,880 per sqm.
The 1,214sqm site at 17 Margaret Street was sold by Adam Young of Ray White Commercial Gold Coast on behalf of a private owner.
Young said the seven-unit complex attracted 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 added
Young said the property returns a gross rent of around $115,000 per annum.
Australian Property Journal