This article is from the Australian Property Journal archive
A self-managed super fund investor has purchased a newsagency within Southport Central on the Gold Coast for $810,000.
Tony Grbcic and Adam Grbcic of Ray White Broadbeach sold the 81 sqm space at a 5.6% yield, with a 10-year lease until 2023 with two five-year options and a net annual return of $45,557 plus GST.
Lot 302/56 Scarborough St is within Southport Central, a commercial and residential complex comprising three high-rise towers.
Adam Grbcic said the agency first took the property to auction in July, where lots 302, 305 and 306 were auctioned in one line;however, he said there was greater interest in the strata-titled investments in smaller chunks.
“We found buyers in the $2 million-plus range are seeking freehold opportunities,” Grbcic said. “After re-adjusting our strategy for the three Southport Central lots, we totalled 75 enquiries and should have all three sold by the end of the month.”
Lot 306 is now under contract and lot 305 has had several offers.
Grbcic said enquiry is coming from owner occupiers for vacant retail shops throughout Southport Central that are currently being marketed.
“The enquiry on these shops is also increasing and, generally, is coming from owner-occupiers,” he said.
Australian Property Journal
