Yatala sale sought
GOLD Coast investors are cutting ties with an A-grade industrial facility they built at Yatala more than three years ago.
Power regulation system designer and manufacturer Beovista signed a five-year lease for the 60 Link Drive property following completion of the 1600sq m warehouse in early 2014.
Beovista pays $183,621 in net annual rent and has two five-year options.
The building was developed by man-and-wife team Jervis and Chris Smith, who bought the 2800sq m block for $677,600 in 2013. The couple are understood to have taken advantage of the city council’s Kickstart Program, which slashed fees and charges for development projects.
Colliers International industrial manager Daniel Coburn, who is marketing the property with industrial director Pat Cavanagh, said the property has drawn interest from Gold Coast, Sydney and New Zealand investors.
Mr Coburn said there is strong demand for space in the Yatala industrial area.
He pointed towards construction of a 24,126sq m factory by cardboard manufacturer Oji Fibre Solutions and glass container producer Owens-Illinois moving into 30,000sq m premises – both at Frasers Property Australia’s Yatala Central estate.
“What is driving Yatala is industrial land on the Gold Coast has all but dried up,” Mr Coburn said. “Also the land values on the central Gold Coast are in excess of $400sq m while Yatala, at $300sq m, is more cost effective.”
He said Mr and Mrs Smith have decided to sell because they want to embark on other projects.
The 60 Link Drive property, which comes with 29 on-site carparks, will be auctioned on July 19 at 11am at Colliers International’s Circle on Cavill office in Surfers Paradise.