Premier location lures retail buyer
A RETAIL property – home to two shops opposite Tweed City Shopping Centre – has sold for $1.244 million on a 7.4 per cent yield.
The 99 Minjungbal Drive 925sq m property contains a 438sq m building with two tenants, which pay a combined $92,990 net annual rent plus GST.
Marketing agent Darren Jones, of Ray White Commercial GC South, said the property was bought by a private investor who was attracted to the site’s prime location.
“This outstanding investment opportunity was in an excellent position with major signage and exposure,” he said.
“Properties of this type are very hard to find anywhere in the Tweed region.”
Other recent deals negotiated by Ray White Commercial GC South include the sale of a three-unit complex at 1-3/48 Machinery Drive, Tweed Heads South, for $335,000.
Marketing agent Assi Dadon said the single-title 222sq m complex sold to an owner-occupier.
“The buyer is intending to occupy one of the units for his business and lease the other two,” he said.