Sale banks $3.125m
A COOLANGATTA building – home to a National Australia Bank branch – has sold to a Gold Coast private investor for $3.125 million on a 8 per cent net yield.
The property at 84 Griffith St, opposite The Strand at Coolangatta Shopping Centre, was offloaded by Bremar Investments Pty Ltd, which acquired it for $700,000 in 1997.
The single-level building was purpose-built for the NAB about 20 years ago, with the bank branch occupying 364sq m while the remaining 78sq m is taken up by a massage therapy business.
Towers Francis Property’s Chris Towers, who marketed the site with colleague James Francis, said the campaign attracted 59 inquiries, 16 inspections and seven offers prior to sale.
“Southern investors, from Sydney particularly and Melbourne, are cashing out of the residential property sector in those cities, which is close to the top of cycle, and acquiring commercial, retail and, to a lesser extent, industrial investments in northern NSW and southeast Queensland,” he said.
Mr Francis said the sale achieved a record square metre rate for a freehold property in Coolangatta of $7070sq m.