Big wheel splashes out
A SUNSHINE COAST investor has snapped up one of Tweed Heads’ largest car yards at auction for $11.2 million.
The 6.31 per cent net yield is believed to be a record for a car yard on the Gold and Tweed Coasts.
The 9880sq m holding, at 153 Wharf St, was sold by Expo Park Properties, associated with car king Warren von Bibra, and is home to Sharp Motor Group.
Mr von Bibra developed the property after amalgamating several blocks for close to $6 million in 2003.
Colliers International Gold Coast agent Steve Clark, who marketed the property with metro sales and investment services manager Kyle Youngson, said there was considerable interest in the property with four bidders battling it out on auction day.
“We had interest from investors, syndicates, land bankers and small institutional buyers,” Mr Clark said.
“Southeast Queensland continues to be seen as attractive by interstate buyers looking for assets with strong rental returns.”
Mr Clark said the buyer intends to hold the property as a passive investment for the dur- ation of the tenant’s lease.
Sharp recently signed an eight-year lease on the property, which returns $708,000 net annual rent after outgoings.
Mr Youngson said the sale cements the Tweed Coast as a strong drawcard for investors looking for growth assets.
The property was home to von Bibra Twin Towns Auto Village until Sharp took over the business in 2011.
Other sales negotiated by Colliers this week included:
*A four-tenancy Bundall industrial property at 51 Upton St for $2.25 million on a 4.83 per cent net yield. The marketing agent was Marlon Crawford.
*A tenanted industrial unit at 2/47 Taree St, Burleigh Heads, for $585,000 on a 9 per cent net yield. The marketing agents were Marlon Crawford and Steve O’Connell.