This article is from the Australian Property Journal archive
A NEWLY completed commercial property at Upper Coomera on the northern Gold Coast has sold prior to auction by Ray White Commercial for $4.9 million on a 7.5% yield.
The three freestanding tilt-slab buildings located at 195 Old Coach Rd Upper Coomera was sold by Ray White Commercial Robina’s Kelly Zeckovic, on behalf of development company Locksurf Pty Ltd.
Zeckovic said the property was purchased by a Queensland-based family trust.
“We received four offers before auction following a marketing campaign which attracted approximately 40 enquiries.
“This property with high profile tenants proved to be a highly sought after proposition. People loved the quality of product and tenants and we had extremely high levels of interest,” she added.
Zeckovic said the property is situated on a 5,310 sqm parcel of land and is currently occupied by well-established national tenants including Autobarn, Bridgestone and Anytime Fitness, with a net return of approximately $368,000.
“Each business has a lease ranging from seven to 10 years, with further options. The offering includes 1,530 sqm of fully occupied lettable area in a precinct adjoining a site comprising a mixture of commercial businesses and a fast food precinct with a McDonalds, BP and KFC,” she continued.
Zeckovic said the investment had depreciation allowances of approximately $112,000 in the first year.
Australian Property Journal
