Banking on portfolio
A COMPANY with commercial property interests in Southport and Surfers Paradise has emerged as the buyer of a high-profile Nerang office building.
May Way Investments, associated with the Lin family, bought the 12 Ferry St property from trustees at auction in January for $3.625 million.
The 1927sq m site hosts a 788sq m building with three tenants – National Australia Bank, QScan Radiology and the office of State Member for Gavan Sid Cramp.
The tenants pay a combined total of $255,599.88 in annual rent, excluding GST, and the property was last sold for $3.43 million in 2006 by Lachreka Enterprises
The purchase adds to May Way’s portfolio, which includes 3200 Surfers Paradise Boulevard, which counts Priceline Pharmacy as a tenant, and was bought for $6.1 million in 2011.
May Way also owns industrial properties at 18 Brendan Drive, Nerang, and 32-34 Kingston Drive, Helensvale, bought for $1.125 million and $825,000 in 2014 and 2001 respectively.
Marketing agent Andrew Henderson, of John Henderson Professionals Mermaid Beach, said the building occupies a high-profile site in the Nerang CBD.
“The property sits on the intersection of Ferry St and Price St, across the road from the Commercial Hotel,’’ Mr Henderson said. “Opportunities to purchase investments of this calibre are rare.”
Mr Henderson said the sale comes at a time of renewed activity in Nerang.
“Nerang has long been a sleeper suburb but now the giant is awakening,’’ he said.
“There is a proposal for an $800-million theme park in the suburb and other developers are eyeing the suburb.
“Added to this, leading business figures have formed the Nerang 2020 group to set the vision for the future.”