This article is from the Australian Property Journal archive
TWO retail investments in Southport Central Towers on the Gold Coast have sold for a total of $1,534,000.
A sushi shop in a 106 sqm ground floor tenancy with a 43 sqm outdoor area at Lot 3007 in the complex sold for $954,000 on a 7.2% yield, by Ray White Commercial’s Tony Grbcic on behalf of H&C Riverside Investments Australia Pty Ltd.
Meanwhile Ray White Commercial agent Adam Grbcic sold the 59 sqm tenancy with a 53 sqm alfresco area leased by a real estate agency in Lot 3018 for $580,000 and a yield of 6.2%.
“Both buyers were local Chinese investors who purchased on cash contracts with 30 day settlements,” Adam Grbcic said.
“We have now completed five recent retail investment sales in Southport Central Towers.
“We have also launched Lot 2011 which is a new tenanted investment occupied by Hot Pot Restaurant on a new five year lease. Net rental income is $81,886 per annum,” he added.
Tony Grbcic said Lot 3007 and Lot 3018 were both on long term leases and returning net rental income of $68,320 and $36,000 respectively.
Australian Property Journal
