PARCEL JUST WHAT DOCTOR ORDERED
A significant landholding comprising one of the last original industrial properties in the Southport CBD is on the market for $2.95m
SYDNEY doctor Faisal Qidwai is cutting ties with a large CBD parcel in Southport after three years of ownership.
Mr Qidwai bought the properties at 66-68 Davenport St, sitting on more than 1500sq m of land, for $2.4 million through associated company Savant (Qld) Pty Ltd. They are next to a medical building under construction and home to tenants H & K Motors, Anning Curtains & Blinds and A & R Service Centre.
Commercial 1 Gold Coast’s Wayne Devenport is the marketing agent for the properties, which are priced at $2.95 million.
He said Mr Qidwai was selling to pursue opportunities in his home market.
Mr Devenport said it was one of the last original industrial properties in the Southport CBD.
“It’s a significant landholding in precinct one. This presents a good opportunity for redevelopment,” he said.
Mr Devenport said there had been a flurry of recent activity in the area.
That included 13 Hicks St, home to an office building tenanted by Better Choice Home Loans, which sold for close to $3.5 million and sits on 698sq m of land.
“This property at Davenport St is double the land area with potential,” Mr Devenport said.
H & K Motors occupies the 354sq m building at 66 Davenport St and is on a three-year lease expiring in 2021. Next-door Anning Curtains & Blinds is on a three-year lease expiring at the end of the year.
It shares the 524sq m building at No.68 with A & R Service Centre, which is on a month-to-month lease.
The long-term tenants return annual gross income of $122,344 plus GST.