Arena sells for $5m
Brisbane investors snag sports centre
ARUNDEL Indoor Sports Arena – located in the Gaven Central Business Park – has been snapped up by Brisbane-based investors for close to $5 million.
The property was developed by Westlink Place – a company associated with Property Solutions Group directors Kevin Miller and David Blanck – which bought 1.34ha of land at 61 Newheath Drive for $6.269 million in 2007.
It then subdivided the land into three lots and constructed a purpose-built sports arena for Arundel Indoor Sports at lot 35 – a 5156sq m block.
The property, which hosts a 2293sq m building completed recently, returns a net annual income of $291,312 excluding outgoings with fixed annual rent increases of 3 per cent.
Arundel Indoor Sports hosts indoor netball, soccer, cricket and volleyball at the centre and has a 15-year lease on the facility with a 10-year option.
Franchise Inflatable World – a business operating an inflatable playground which hosts children’s parties and other events – runs from the arena on weekends.
The property also has a cafe.
Cushman & Wakefield’s Josh Wright, who marketed the property with colleague Scott Dalton, declined to comment.
A 6304sq m block at lot 37 at 61 Newheath Drive has sold to the State Government for more than $2 million and is understood to be earmarked for an emergency services centre.
Eight 75sq m strata-titled units were built on lot 36 and sold for $205,000 each.
Mr Wright and Mr Dalton also marketed lots 36 and 37.
Projects undertaken by Brisbane-based Property Solutions Group include the Motorway Business Park, at Ormeau, and the Access Business Park, at Yatala.