$1.47m for Southport property

AN industrial property in the heart of Southport that has a full complement of tenants has sold under the hammer for $1.47 million.

The seven-unit precinct occupies a 1214sq m site at 17 Margaret St and has been bought by a Gold Coast investor on a net yield of about 6.1 per cent.

It has been divested by Paradise Point investors who have taken a loss on the holding.

They bought the property via company 3 Joys in late 2011 for $2.2 million.

The property was marketed by Adam Young, of Ray White Commercial Gold Coast, who said the campaign attracted more than 70 inquiries.

“The response to the marketing campaign was fantastic,” he said.

“The auction drew 12 registered bidders and there was keen competition before the property was sold under the hammer for a price $870,000 above the opening bid.”

The $1.47 million sale price equates to a rate of about $2880/sq m.

Mr Young said the property had the benefit of a strong rental history and was recently repainted.

“The tenant mix is terrific and the property returns gross rent of about $115,000 a year,” he said.

“It is ideally located near the city’s tram system and offers access to Nerang St and Ferry Rd.”