Warehouse lease attracts buyers

A GOLD Coast private investor has outmuscled a number of cashed-up southern buyers to secure a tenanted Varsity Lakes warehouse.

The 477sq m facility at 3/481 Scottsdale Drive was acquired through Advico Pty Ltd for $1.065 million on a tight yield of 6.8 per cent.

CBRE’s Luke Brechin and David Corke, who negotiated the deal on behalf of Bripat Management Pty Ltd, fielded more than 20 inquiries from potential buyers.

Mr Brechin said the secure lease covenant to national tenant Lincoln Sentry, a subsidiary of Dulux Group, and the property’s prime location were key drawcards for investors.

“Prospective purchasers were attracted to the property’s location, which is just 500m from the M1 motorway and provides direct access to both Robina Town Centre and Burleigh said.

Mr Corke said investors recognised the property as a secure investment opportunity, not only because of its current lease but also because of Scottsdale Drive’s position as a key hub for industrial businesses and prime exposure to the busy thoroughfare.

The property comprises a warehouse, office, showroom and nine on-site carparks. Heads beach,” he