Nerang retail complex on the Gold Coast sells through Savills

Nerang retail complex on the Gold Coast sells through Savills
Nerang retail complex on the Gold Coast sells through Savills

A well-established retail complex in the Nerang town centre at the Gold Coast has sold to a local private investor for $3.5 million.

The property was sold by Jon Tyson and Michael Harcourt of Savills, following an expressions of interest campaign that generated strong enquiry.

The Lavelle Street property comprises two adjoining buildings on separate lots and incorporates a complementary mix of 15 local retail and service-based tenancies with a combined floor area of 988 sqm.

The complex occupies a prime 2,024sqm corner site on Price Street, the primary business destination in Nerang and the local section of the arterial Beaudesert-Nerang Road, with an average daily passing traffic count of 25,000 vehicles.

Jon Tyson said the Nerang property presented a significant repositioning opportunity for the astute investor with the added attraction of future redevelopment potential to a maximum building height of 39 metres.

“We received strong interest from over 150 parties due to the property’s central Gold Coast location as well as its immediate and long term value add potential.”

 

Tags: 
Savills Retail Sales

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