A STANDOUT commercial property on one of the best corner blocks in the Nobby Beach retail and dining precinct has sold at auction for $9 million.
The retail investment property, at 2211 and 2215 Gold Coast Highway, was sold to a local investor by Michael Willems of Ray White Commercial Gold Coast on behalf of long-time owner Michael Kennedy, for a yield of approximately 4.9 per cent.
Mr Kennedy acquired the site, which extends from Lavarack Rd to Chairlift Ave, in March 1993 for $1.7 million.
Widely considered the best corner block in Nobby Beach’s burgeoning commercial hub, the 1555 sqm property has two buildings with a combined net lettable area of about 817sq m and on-site parking.
Mr Willems said the marketing campaign for the property attracted 186 inquiries, with 29 registered bidders at yesterday’s in-room auction (Thursday) at the Gold Coast Turf Club.
“We had some very keen bidding and it was a pleasing result to see this standout commercial property in a popular retail and cafe precinct sold under the hammer for $9 million,” he said.
The property’s 14 tenancies generate net rental income of approximately $447,000 a year.
“The tenancies on site include the Nobby Beach Post Office, a medical centre, pathology and chemist, a hair salon, takeaway food outlets and Little Bean Coffee Shop,” Mr Willems said.
“The two commercial buildings offer a combined net lettable area of approximately 817 sqm.”
Zoned commercial and subject to a three-storey height limit, the site is a short walk from Nobby Beach Surf Club and has huge development potential.
The site will eventually be serviced by a light rail stop on its doorstep when the track is extended south.
Original Publish: http://www.goldcoastbulletin.com.au/