A tenanted corporate office building investment with redevelopment upside (STCA) at Burleigh Heads on the Gold Coast has been sold by Ray White Commercial GC South for $2.9 million.
The fully leased property at 21 Gardenia Grove, Burleigh Heads, was sold to a private investor by Greg Watson of Ray White Commercial GC South on behalf of a private self-managed superannuation fund for a yield of approximately 8.2 per cent.
Mr Watson said there was keen interest in the investment opportunity which has proven to be a popular hub for startup businesses at Burleigh and is returning net rental income of approximately $240,000 per annum.
“This was a tremendous opportunity for an astute investor with good tenants including award winning surfboard supply company Boardcave and Grace Loves Lace in place and the property also has immense upside potential,” he said.
Mr Watson said the building is situated on a 1736 sqm corner block and offers a net lettable area of 1,061 sqm.
“The property is conveniently located just off the Gold Coast Highway and is close to funky cafes such as Burleigh Social and The Paddock Bakery.
“The property is within walking distance to world renowned Burleigh Beach, cafes and restaurants, the Burleigh Heads retail hub and public transport. There are also 22 onsite carparks," he added.
Fitzroys has sold a Carlton retail space of 48sqm on popular Rathdowne Street for almost $10,000 per sqm.
Terence Yeh negotiated the private sale of the vacant 142 Rathdowne Street property for $475,000 to an investor.
Zoned Commercial 1, the property forms part of a boutique three-level mixed-use development completed in late 2015, which comprises six ground floor shops and 13 apartments and located on the corner of Rathdowne and Palmerston Streets.
Yeh said the property attracted strong interest from investors and owner occupiers looking to capitalise on the surge in popularity of inner-city living that has seen an increase in development of medium and high-density housing in Carlton.
“Strong demand from students and young professionals for residential property in the area, has further strengthened the viability of local businesses,” he said.
“Rathdowne Street is one of the main northern arterial routes to and from the city, with the properties further benefiting from an enormous level of constant passing traffic.”
An office investment in the Melbourne growth suburb of Box Hill has been sold at auction by Ray White Commercial for $1.28 million on a 3.8 per cent yield.
The property leased to a computer company at G.02/8 Ellingworth Parade, Box Hill, was sold under the hammer to a local investor by Brett Diston of Ray White Commercial Vic-Nunawading on behalf of a private owner.
Mr Diston said the marketing campaign for the 145 sqm office suite lasted just two weeks but generated a tremendous response.
“We had a great crowd attend the onsite auction and four bidders,” he said.
“There was some very keen bidding and a total of 44 bids before the property was sold under the hammer.
“It was no surprise we had strong interest as this was a high calibre investment property in one of Melbourne’s fastest growing suburbs with some major infrastructure and development projects underway.”
Mr Diston said the property is located in the heart of Box Hill and close to transport links.
“The ground floor property has an excellent tenant on a three year lease and is returning net rental of $49,500 per annum,” he added.