This article is from the Australian Property Journal archive
MFS has sold its sold headquarters on the Gold Coast for $6.525 million.
MFS House is located at 5 Hicks St, Southport, the property was held in the MFS House Property Trust as the sole asset.
In January this year, unitholders of the MFS House Property Trust approved the sale at a meeting.
Shareholders will receive a return of more than 65% on their initial investment following the distribution of sale proceeds.
The property was sold through a tender campaign coordinated by CB Richard Ellis Gold Coast managing director Mark Witheriff.
The sale attracted five separate tenders, with four above the current valuation of $5.3 million.
The sale price represents a yield of 6.85% and settlement is scheduled for June 13, 2006. The successful tender was lodged by Soph Pty Ltd (Harley Hooper Group).
The four-year-old building has a net lettable area of 1,516 sqm.
The two-level building also includes basement car parking for 31 vehicles.
MFS occupies the entire property under a 10-year lease that was struck on the building’s completion in 2002.
Witheriff said the sale price and yield were indicative of the high demand for quality investment-grade commercial office space in Southport.
“Occupancy figures for A-grade office space across the Gold Coast are at historic lows. Southport is one of the best examples of this high demand for space because of its central location and easy access to other parts of the Gold Coast,” he added.
By Adam Parsons
