Office snapped up
GOLD Coast investors didn’t waste any time in buying a tenanted office in Varsity Lakes for $570,000 on a yield of 6.5 per cent.
The 150sq m office, at 6/20 Lake Orr Drive, was divested by Paul Barakin, who picked it up for $667,005 in 2006.
The property is leased to commercial builder Woollam Constructions, which pays gross annual rent of $48,000.
The building is part of the Bermuda Point complex, which was developed by Sydney’s Shanahan family.
Marketing agent Greg Watson, of Ray White Commercial GC South, said the property attracted strong interest during the marketing campaign.
“This is a well configured office space with amazing water views,” he said.
“The tenancy presented an opportunity to purchase this investment with a new twoyear lease.”
■ Other recent sales negotiated by Ray White Commercial GC South include a deal for an office suite in a medical centre in Tweed Heads.
The 100sq m property, at 8/147 Wharf St in the Tweed Day Surgery and Specialist Centre, sold to a medical specialist for $770,000.
It was sold by Widdenbrook Investments, which paid $640,000 for the suite in 2015.
Marketing agent Darren Jones said the property was sold as a vacant possession and had recently been renovated.
“This fully-fitted out suite is well positioned at the front of the building and has a large reception area, internal kitchen and private balcony,” he said.