Tenanted Noosaville industrial site sold at auction for $948,000

A tenanted industrial site with future development upside at Noosaville on the Sunshine Coast has fetched $948,000 through Ray White.

The property on two titles at 5 Production Street was sold to a Brisbane-based investor for a yield of 11 percent.

The 4,096 square metre site has a 1,010 square metre tenanted building.

It is currently leased for a rental of nearly $105,850 per annum with a five-year lease expiring in 2019.

“There is the ability to approximately double the shed space subject to council approval. The site is on two titles and underutilised in terms of under-roof area,” said selling agent John Petralia of Ray White Commercial Noosa and Sunshine Coast North.

“It was a great result as the property was originally listed for sale via an offers to purchase campaign before it was decided to go to auction.”