Fully leased Gold Coast building snapped up

An Australian communications company has snared a fully leased office building in the heart of the Varsity Lakes Business Centre on the Gold Coast, outlaying $5.125 million.

The 23 Main Street property attracted 25 enquiries from local, interstate and offshore buyers, before selling to Vaya Pty Ltd.

Mr Greg Watson and Tony Stone of Ray White Commercial negotiated the sale on behalf of Northpoint Holdings No. 3.

"Gross rental yield per annum when fully leased for this building is approximately $549,892, while estimated outgoings are low at approximately $107,278, so the purchase price represents a yield of approximately 8.2%" said Mr Stone. He described the sale as "game changer for the Gold Coast office market" as it had buyers seeking yields of around 10%. Vaya is considering renaming the building with the company name and logo.

The building has about 1,867 square of net lettable area and among the tenants is nursing agency Blue Care.