Top offering for investors
A FULLY leased medical and retail building in Robina — which once served as an Australia Post distribution centre — is set to whet the appetite of investors when it goes under the hammer next week.
The 2736sq m property at 201 Penhaligon Way is held by three Gold Coast-based investors and was last bought for $2.15 million in 2008.
The building has a net lettable area of 697sq m and the four tenants return a net income of $242,268 to the owners.
Tenants comprise Home Timber and Hardware (260sq m), Myobrace (250sq m), Village Medical Centre (167sq m) and Independent Milk Supplies (20sq m).
They are on leases ranging from three to five years with all tenants retaining five-year options.
Ray White Commercial Gold Coast’s Steven King said the asset was in a busy commercial precinct and a large catchment area.
He said major infrastructure projects and an improving Gold Coast economy have led to an increase in demand for retail assets.
“Inquiry for prime stock remains strong and competitive due to limited supply,” Mr King said.
“There is plenty of demand for tenanted incomeproducing assets such as this.”
The property was built in 1985 and has been refurbished extensively.
An auction will be held on December 7 at 11am at the Gold Coast Turf Club.