CBD asset snapped up

VENDORS’ price expectations remain too high, however, overall the market picture is an improvement from 12 months ago, according to Ray White Commercial Gold Coast director Greg Bell.

The agency took more than 15 commercial and industrial properties to auction yesterday.

Leading the sales was a fully-leased building at 143 Ferry Rd, which sold under the hammer for $1.78 million to a local buyer.

The property, owned and tenanted by Hamilton Hayes Henderson Architects, has a net income of $133,056 plus GST.

It was marketed by Michael Willems.

The biggest sale of the day came right before the auction.

A $4.95 million sale contract on the headquarters of Gold Coast telecommunications company Pivotel, at 75 Nerang St, went unconditional just prior to the auction.

Pivotel, which recently expanded its operation to the US market, has leased the 1130sq m premises since 2007 and is more than 18 months through a seven-year lease.

The property, which returns annual income of $334,235 plus GST to the owner, was being marketed by Mr Djurovitch, and sold by Plumar Pty Ltd, linked to Terry Nomarhas.

said th eproperty sold to a Sydney investor. “It is a good property with a long-term tenant locked in,” he said.

Mr Djurovitch had more success on the day, with two properties he was marketing, lot 6 and lot 3 at 2-4 Precision Drive, Molendinar, selling for $515,000 and $360,000 respectively. Steve Macgregor negotiated several deals prior to the auction including $330,000 for a unit at 3/14 Energy Cres, Molendinar, and $420,000 for a property at 1/3 Northward St, Upper Coomera.

Mr Bell said the auction was a success with a clearance rate of 57 per cent for the commercial and industrial assets that went under the hammer.

“It is another sign of an improving Gold Coast market,” he said.

“Vendor expectations are above the market but it is an improvement from 12 months ago.” He said buyers from Sydney were still showing strong interest in the Gold Coast.

“They are seeing opportunities on the Gold Coast that they are not seeing in Sydney.”

A block of eight newlycompleted units at 11 Anne St, Southport, failed to sell.