Gold Coast retail complex sells for $2.145 million
A retail complex at Oxenford on the Gold Coast has sold for $2.145 million to a local private investor.
The sale of 110-112 Old Pacific Highway reflected a yield of 7.8%. It houses four tenants - Ray White, a dentist, The Salvation Army and a Seafood & Pizza eatery, which occupy a total of 570 square metres of retail space. The combined net income is about $175,750 per annum.
The tenants have between one and four years left remaining on their lease with options ranging between three to five years. The largest retail tenancy - the Salvation Army - covers an area of 220 square metres at a rent of $48,920 per annum.
The sale was negotiated by Mr Mason Kidman and Alan Robertson of Colliers International.
Mr Mason said the property was a straight forward income producing investment which was managed entirely by the previous owner.
He expects the property will also benefit from significant infrastructure and commercial development that is currently in planning or under construction, pointing out that there was about $43 million worth of projects already underway in Oxenford.
Mr Mason said that the retail complex was positioned over two titles on a land area of 1,556 square metres and it had potential for future development, as it fell under a Zoned Central Oxenford Local Area Plan with allowance of up to three storeys build.