Sydney investor’s Southport pick-up
A THREE-tenancy Southport CBD building has sold for $1.3 million on a 3.4 per cent yield.
The 111 Scarborough St property was sold by Wisley Investments, linked to the Lo family, which had held the property since 1981.
A Sydney-based investor purchased the property at an auction at the Gold Coast Turf Club last week. Marketing agent Steven King, of Ray White Commercial Gold Coast, said the property attracted competitive bidding.
Mr King said the building occupied a prime position on the corner of Scarborough St and Cloyne Rd with rear side access and on-site parking. The building is located on a 508sq m block and has a net lettable area of 294sq m.
Tenants, which comprise JLL Loan Lenders and Face Solutions downstairs and Pure Yoga upstairs, pay a combined total of $44,336 net annual rent.