Fully leased office building in Gold Coast’s Burleigh sells for $2.9 million
A tenanted corporate office building with development potential at Burleigh Heads on the Gold Coast has changed hands for $2.9 million.
The fully leased property at 21 Gardenia Grove, Burleigh Heads, was sold to a private investor.
The property returns a net rental income of about $240,000 per annum and a yield of about 8.2 per cent.
Ray White Commercial ’s Greg Watson brokered the deal on behalf of a private self-managed superannuation fund.
Watson said there was redevelopment upside subject to council approval as Burleigh was become a popular hub for startup businesses.
“This was a tremendous opportunity for an astute investor with good tenants including award winning surfboard supply company Boardcave and Grace Loves Lace in place and the property also has immense upside potential,” he said.
The building is situated on a 1736 sqm corner block and offers a net lettable area of 1,061 sqm.
It is located just off the Gold Coast Highway and is close to cafes and public transport.
