Gold Coast four-unit industrial complex sells for $1.55 million
A four-unit industrial complex on the central Gold Coast has sold for $1.55 million to Melbourne-based private investors.
The complex, at 686 Ashmore Road, Molendinar, was sold by Jim Burge, who developed the 2,300-square-metre industrial site in 2000. He purchased the site for $302,100 in 2000.
The sale was negotiated by Pat Cavanagh of Colliers International.
Mr Cavanagh said that the private investors purchased the property as an investment for their family super fund for the long-term.
On a fully leased basis, he said the unit complex would achieve a net yield of about 8.25%.
At the time of the purchase, the complex only had one vacant unit. It is now fully leased.
Mr Cavanagh said this latest industrial transaction showed "investors were prepared to pay the right money for quality investments when they became available".
He also pointed to a "significant" run of sales from occupiers and investors in the industrial market.
"Larger properties in particular are experiencing less time on the market and are going under contract with fewer settlement terms as more players enter the market and sentiment continues to improve," says Mr Cavanagh.
