Industrial Burleigh site sells

ONE of the few remaining underdeveloped industrial blocks of land in the southern Gold Coast has been sold offmarket by one owner-occupier to another.

An expanding Burleigh Heads cabinet making firm has paid $910,000 plus GST for 39 Leda Drive. The Burleigh Heads site consists of a 1500 square metre site with a 251 sqm building.

Site vendor Leda Drive Pty Ltd paid $780,000 for it in 2014 and had decided to test the sales market. It last sold seven years prior in 2007 for $700,000.

Cushman & Wakefield’s Geoff Sinclair, handling the off-market campaign, said the vendor had been close to going to market with an auction process before he approached the new owner.

The vendor took the “respectable” opportunity to “flip the property”, Mr Sinclair said.

It attracted about 15 inspections from active buyers.

“It is underdeveloped and overgrown. Leda Drive is a very popular industrial precinct and if we went to market it would have gone off,” Mr Sinclair said.

“With an active on-market sales campaign or even an auction, this type of asset would have sparked numerous inspections and an increase in offers.

“We continue to assist purchasers to acquire freehold sites stepping out of leasing as their business expands with the strong Coast economic activity. Demand is extremely high as stock remains tight.”

The warehouse portion would be developed into the vacant yard increasing the gross area for the new purchase, Mr Sinclair said.

“The purchaser has intentions to develop and occupy.”