A fully tenanted modern commercial office building in the heart of the Varsity Lakes Business Centre on the Gold Coast has been sold by Ray White Commercial Robina for $5.125 million.
The property, located at 23 Main Street, Varsity Lakes, was sold to leading Australian-owned communications company Vaya Pty Ltd by Greg Watson and Tony Stone of Ray White Commercial Robina on behalf of Northpoint Holdings No. 3.
Tony Stone said the marketing campaign for the office building, which is set on an approximately 3,000 sqm block with 53 onsite car parks, attracted 25 enquiries with 12 inspections.
“We had interest from local, interstate and even international parties over the course of the marketing campaign,” he said.
“The buyer has purchased this fully tenanted property as an investment but is also considering renaming the building with the company name and logo.
“Gross rental yield per annum when fully leased for this building is approximately $549,892, while estimated outgoings are low at approximately $107,278, so the purchase price represents a yield of approximately 8.2 per cent.
“This sale is somewhat of a game changer for the Gold Coast office market as we have had buyers seeking yields of around 10 per cent.”
Greg Watson said the building, which includes nursing agency Blue Care among its tenants, offers approximately 1,867 sqm of net lettable area.
“The building is currently divided into 12 individual office spaces of differing floor sizes, and includes male and female amenities on each floor,” he said.
“The building sits in a highly desirable position on the corner of Varsity Parade and Main Street, offering great exposure and profile for the tenants and is within 12km of the Gold Coast CBD.”