Investment Opportunity at Upper Coomera Sold for $4.9million
A recently completed commercial property with three national tenants in one of southeast Queensland’s busiest thoroughfares has been sold prior to auction by Ray White Commercial Robina for $4.9 million.
The three free-standing, tilt-slab buildings, located at 195 Old Coach Road, Upper Coomera, on the northern Gold Coast was sold by Ray White Commercial Robina’s Kelly Zeckovic on behalf of development company Locksurf Pty Ltd for a yield of 7.5 per cent.
Kelly Zeckovic said the property was purchased by a Queensland-based family trust prior to going to auction.
“We received four offers before auction following a marketing campaign which attracted approximately 40 enquiries,” she said.
“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.”
Kelly Zeckovic said the property is situated on a 5,310 sqm parcel of land and is currently occupied by well-established national tenants Autobarn, Bridgestone and Anytime Fitness.
“The high calibre national tenants, long-leases with a net return of approximately $368,000, depreciation allowances of approximately $112,000 in the first year, as well as the property’s location in a high growth area made this a great investment,’ she said.
“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.
“The site is centrally located to both the Brisbane CBD and the Gold Coast in a rapidly emerging region with significant retailers including a Masters, Woolworths and Aldi.
“Dream World, new schools and residential subdivisions are also all prospering with high population growth.”