LANGUAGE SCHOOL PROPERTY FOR SALE
A TWO-level Southport building with a flourishing language school as the longterm sole tenant has been put on the market.
The 5-7 Marshall Lane property was completed in 2008 by the City Pacific group and a company linked to developer David Cherry.
It was sold vacant by receivers for $2.62 million in 2010 after previously being marketed at $3.8 million.
Browns English Language School leased the whole building that year and has committed to a new five-year lease with two five-year options.
Martin Trautmann, of Ray White Commercial Southport, said the building’s owner, Tea Brown, was selling the property to move interstate.
The net rent on 5-7 Marshall Lane is $297,429 and there is a 3 per cent annual increase. The building has a gross floor area of 798sq m and is on an 889sq m site.
The property is being marketed by Mr Trautmann in tandem with Ray White Commercial’s Wayne Devenport and Ryan Langham.
Expressions of interest close on July 12.