Gold Coast industrial facility sells under the hammer for $1.7 million

Competitive bidding saw an industrial facility on the central Gold Coast sell at auction for $150,000 above the reserve price.

The 7,378 square metre property, at 10 Industrial Avenue, Molendinar, was sold under the hammer for $1.7 million to owner-occupiers, Nathan and Dawn Huang.

The property was divested by Economic Development Queensland, which is part of the Queensland government, as a sell down of surplus land.

It was previously placed on the market late in 2012 through an expression of interest campaign which saw 10 written offers ranging from $1.2 million to $2.1 million, of which the highest was contracted and eventually did not complete the deal. Another party later contracted the property for $1.8 million, which also fell over to due to an inability to finance.

Pat Cavanagh of Colliers International negotiated the sale of the property, which houses two older style buildings totalling around 1,200 square metres.

He said the new owners intended to refurbish the existing improvements and operate their business, Starbright Engineering from the facility.

“The buyers also have plans to redevelop the site in the long term,” Mr Cavanagh added.