BUNDALL ROAD BUILDING SALE A RARE OCCURRENCE
A GOLD Coast business owner has snapped up the former Robertsons Furniture & Design premises in Bundall the morning of its auction for $5.8m.
The sale is the first time 86 Bundall Rd has sold since it was acquired by Ellireef Pty Ltd in 1996 for $935,000.
The 3618sq m site hosts a 2107sq m building and was sold with vacant possession.
It first hit the market in 2019 through Colliers International’s Steven King and Marlon Crawford and was scheduled to go to auction on February 11 but sold beforehand.
“The buyer could not attend the auction and was not in a position to bid on the day. He made a strong offer to take it off the market prior and negotiations concluded the morning of the auction,” Mr King said.
He said the property was on the market at $6.5m for some time but without any traction.
“We had a couple of conditional contracts on it fall over which were in excess of $6.1 million,” he said.
“The fact we had a cash unconditional 60-day settlement at $5.8m was attractive enough to the owner to sell it.”
Mr King said sales on Bundall Rd had been few and far between in the past four years.
“There basically hasn’t been any sales along that strip since 2017,” he said. “They have always been tightly held.
“There has been a number of them offered but owners’ expectations have not been in line with the market.”
Five properties were taken to market by Colliers on February 11 including the former restaurant premises of Hellenika at Nobby Beach with total sales of $12.9m.