Top location leads to hefty $2.9m sale

A FULLY-leased 10-tenancy Burleigh Heads office building has sold for $2.9 million on an 8.2 per cent yield.

The 1736sq m corner block, at 21 Gardenia Grove, was sold by Peter Morrison through his self-managed superannuation fund. The buyer is a Gold Coast investor.

Mr Morrison bought the property for $475,000 in 1988.

The two-level building returns about $240,000 net annual rent and tenants include surfboard business Boardcave and bridal showroom Grace Loves Lace.

The property, which has frontage to Lemana Lane and Gardenia Grove, has 22 carparks and a net lettable area of 1061sq m. Greg Watson, of Ray White Commercial GC South, negotiated the sale.

He said there was strong interest in the property from investors.

“The buyer was attracted to the holding income and the future upside of refurbishing several spaces down the track,” he said.

Mr Watson said the property also has a prime location.

“The property is within walking distance to Burleigh Beach, cafes and restaurants and public transport,” he said.