LOCAL BUYER WINS UNIT AUCTION
A GOLD Coast investor has bought at auction a Helensvale unit tenanted by national builder G.J. Gardner Homes for $901,000.
The 1/2 Millennium Circuit was sold by Waltri Pty Ltd, linked to G.J Gardner Gold Coast franchise owners David and Patricia Cummins, which bought the property for $660,000 in 2011.
The sale reflects a yield of 7.54 per cent and a square metre rate, based on the building size of 340sq m, of $2650sq m.
G.J. Gardner Homes has leased the 340sq m premises, which returns $68,000 in net annual income, through to 2022 and has an option to renew the lease through to 2025.
Colliers Gold Coast’s Daniel Coburn and Liam Hartenthaler marketed the property, which sold under the hammer last week.
Mr Coburn said the auction campaign drew 42 inquiries, with interest from Sunshine Coast, Brisbane, Sydney, Melbourne and Gold Coast buyers.
He said the sale underpins strong investor confidence in the Gold Coast industrial market.