Long-held property on market

GOLD Coast investors are cutting ties with a four-tenancy Bundall industrial property after more than 25 years of ownership.

The 1973sq m property at 51 Upton St was acquired for $750,000 in 1990 and is held by Keith and Lynley Scarr with company vehicle Scarr Investments.

The property hosts a 795sq m building home to All About Pumps & Pipes, Never Quit Gym, RP Commercial and an adult lifestyle club. It generates a gross annual rental of about $150,000 plus GST.

Marketing agent Marlon Crawford, of Colliers International Gold Coast, said the property was located in a tightly held area.

“The seller is looking to capitalise on the strong Gold Coast market,” he said. “The property generates significant holding income and the buyer has the option to occupy or redevelop in the future.”

Mr Crawford said the property had a high-profile location with 10,000 vehicles driving along Upton St each day.

He said a number of developments were under way or on the drawing board.

An auction for the property will be held at Colliers International Gold Coast’s office at Circle on Cavill, Surfers Paradise, at 11am on June 14.