Tenanted Commercial Building at Oxenford Sold for $2.06 Million
A fully leased commercial building located in the growth hub of Oxenford on the Gold Coast has been sold at auction by Ray White Industrial Gold Coast for $2.06 million after being put on the market for the first time in two decades.
The approximately 1,850 sqm site at 165 Old Pacific Highway, Oxenford, was sold to Brisbane-based investors by Steve Macgregor and Lachlan Marshall of Ray White Industrial Gold Coast on behalf of local owners for a yield of 6.78 per cent.
Steve Macgregor said there was a strong response to the marketing campaign for the tenanted warehouse and the auction at the Gold Coast Turf Club attracted 12 registered bidders.
“We had some keen bidding and a total of 28 bids during the auction before the property sold under the hammer for well above the reserve price,” he said.
“It was a great result for all concerned, particularly our vendors who had constructed the building more than 20 years ago.”
Steve Macgregor said the freestanding property was fully occupied by four long-term tenants all benefitting from the property’s strategic location at Oxenford, located just off the Pacific Highway between Brisbane and the Gold Coast.
“The property has a total building area of 890 sqm and is currently occupied by Oxenford Pumps, Curtain Trend, Pacific Office Supplies and Valspar Paints,” Steve Macgregor said.
“The property has Pacific Business Corridor zoning and currently generates a net rental return of approximately $139,918 per annum.”
Lachlan Marshall said all tenants had taken advantage of local trade opportunities and the property’s exposure to adjacent major retailers such as Bunnings, Super Cheap Auto, Kmart, 7/11 Service Station, Hungry Jacks, McDonalds, Aldi, BCF and Amart All Sports.
“This was a great opportunity to secure a solid tenanted investment in a premium location on the Gold Coast,” he said.