BUYERS BYPASS COMPETITION

OFF-MARKET transactions are coming to the fore as investors and owner-occupiers seek to nail deals for prime industrial property in a tightly-held sector.

In two recent examples, properties at 8 Lawrence Dve, Nerang, and 27/3-15 Jackman St, Southport, sold off-market in deals negotiated by Lachlan Marshall and Jared Johnson of Ray White Commercial Gold Coast.

The Lawrence Drive property contains three tenants occupying 1018sq m, including Builders World Gold Coast, and sold for $1.8 million on a 6.5 per cent yield.

The property was sold by D Eldridge Nominees Pty Ltd, associated with Victorian investor Anthony Shepard, which had held the asset since 1990 after paying $520,000.

Mr Marshall said they were approached by the buyer, a Gold Coast investor, who wanted to park his money in an income-generating asset.

“He wanted to buy that specific property and we were able to secure a deal,” he said.

The Jackman St property sold for $825,000 and was offloaded by Crest Building & Joinery owners Judith and Lindsay Wood, who have moved to a new location.

Mr Marshall said the new owner is in the automotive industry and is considering renting out the 380sq m tilt panel unit.

He said a lack of stock on the market was changing buyer behaviour.

“There has been an influx of inves- tors and owner-occupiers because of a lack of stock on the market. Buyers are looking for off-market deals to avoid the competition.”