Complex sells prior to auction

A MULTI-tenant industrial complex has been swooped on by a private investor prior to going under the hammer amid continuing strong demand for Gold Coast assets.

The fully-leased property at 10 Lawrence Drive, Nerang, was snapped up in a $1.425 million deal on a yield of 6.9 per cent.

Steven King from Ray White Commercial Gold Coast negotiated the deal.

On a 1982sq m site, the industrial/showroom complex has a net lettable area of 1092sq m split into three tenancies. It also features on-site parking for 21 vehicles.

The property was sold with a net rental income of $98,828 a year plus GST and outgoings.

Anthony Stone & Tiles and Chip Torque Performance are the two major tenants with 490sq m and 415sq m, respectively.

According to property records, it is the first time the holding has changed hands since 1987 when the site sold for $87,500.