By Jupiter, savvy buyers grab unit

THE largest unit in Nerang’s Jupiter Plaza – home to printing company Fast Proof Press – has been snapped up by local investors for $1.1 million.

The 638sq m unit at 20/12 Lawrence Drive is located in the Nerang Industrial Precinct and was sold by Geyer Projects Pty Ltd to Cable Tech Australia Pty Ltd, linked to Nerang investors Craig and Pamela Campbell.

Fast Proof Press, established in 1979, has been a tenant in the 26-unit Jupiter Plaza for 25 years and in recent years has expanded from unit 20 to encompass four adjoining units.

Marketing agent Joseph Codianni, of Real Commercial Qld, said the property sold three weeks into a four-week auction campaign.

“Most of the inquiries were from investors attracted to the strong tenant profile,” he said.

“Fast Proof Press has invested significantly in its premises and has no plans to move.”

Mr Codianni said the Nerang industrial area has seen strong activity throughout the past 12 months.

“We have seen a huge upswing in prices achieved in the area, which are up by 15 to 20 per cent.”

Mr Codianni said the buyers scooped up the property as a passive investment and were looking for others in the area.

Fast Proof Press, which produces a wide range of printed products including brochures, books, posters, publications and point-of-sale visual material, renewed its lease last year for three years with two three-year options.

It pays $81,117 in net annual rent with rent reviews linked to the Consumer Price Index.

Unit 20 has three-phase power with fitted-out offices on the mezzanine level.

Geyer Projects paid $870,000 for the property in 2014.