Varsity Lakes Commercial Building Sold for $4.9 Million
The Powertel Building, a 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 $4.9 million.
The modern two level building at 23 Main Street, Varsity Lakes, was sold to Victorian-based property investment company Hams Group by Tony Stone of Ray White Commercial Robina on behalf of Vaya Pty Ltd who initially purchased the building early in 2014.
Tony Stone said Hams Group already has extensive property interests in South East Queensland, including a commercial office building at Southport and another at Bundall on the Gold Coast.
“The property was sold with its occupancy at just under 60 per cent so this was reflected in the soft yield offered, however the astute purchaser could foresee strong upside from this low maintenance high profile Varsity Lakes building with the potential for it be fully leased within a short timeframe,” he said.
“The new owners have plans for refurbishments and some clever reconfiguring of the vacant spaces making for some very appealing freshly finished tenancies to be soon offered for lease, all at realistic highly competitive market rents.”
The Main St building is set on an approximately 3,000 sqm block with 1,867 sqm of commercial space, including a busy café, and 53 onsite car parks.
“The estimated nett rental for the building when fully leased is approximately $469,000 per annum,” Tony Stone said.
“The building’s main tenants include nursing agency Blue Care, Yellow Brick Road and Intrepica. The property is currently divided into 12 individual suites all offering various floor sizes, and includes male and female amenities on each floor.
“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 only a short drive to the Robina Town Shopping Centre; Varsity Lakes train station and the Robina Hospital.
“The Varsity Lakes Business Centre, a hub of commercial activity is only five minutes to the M1 allowing for quick commute north or south this providing an outstanding locale for a business that service the surrounding Gold Coast region.”