Gold Coast Vodafone facility fetches $6.1 million at Burgess Rawson auction

Gold Coast Vodafone facility fetches $6.1 million at Burgess Rawson auction
Gold Coast Vodafone facility fetches $6.1 million at Burgess Rawson auction

The first Burgess Rawson portfolio auction of the year saw a Vodafone facility on the Gold Coast fetch $6.1 million.

Auctioneer David Scholes advised there was a renewed secure 10 year net lease to June 2025 plus options to 2035.

Leased to Vodafone, the tenant has been in occupation for 15 years at the strategically positioned telecommunications facility located at Arundel 7 km from the Southport CBD.

It is one of only three Vodafone high tech facilities in Queensland with a site area of 2,738 sqm.

Its annual rental increases are 3.5% until 2020 and 3.25% until 2024, with the tenant paying all outgoings including and tax.

Its net income was $430,000 pa + GST, increasing to $445,050 pa + GST in June 2016.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Commercial Lease Telecommunication

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