Sought-after site at Burleigh on market
A BURLEIGH Heads industrial street which has just seen a $30 million-plus sale could be on track for another major deal, with a revamped property netting more than $900,000 a year put on the market.
The 12 Rudman Pde holding consists of a 1.225 hectare site with an L-shaped building occupied by 10 tenants.
It is being sold by the man who developed it 20 years ago, Michael Oldmeadow.
The move comes on the heels of waste company J.J. Richards & Sons buying a partly-tenanted 5.5ha property in the same street, and netting $1.4 million, for $32 million.
Josh Cruden, of Lacey West, on Thursday said the 12 Rudman Pde property was being sold at a time when an absence of new industrial land in Burleigh meant there were limited options for buyers and tenants.
“The holding is next to a new project of 46 warehouses, Burleigh HQ, which is yet to be completed but is 100 per cent sold to investors and businesses,” he said.
“Finding a block of industrial land of 12 Rudman Pde’s size, and with such a strong mix of tenants in one line, is an opportunity for a set-and-forget investment, possible future strata titling, or for a business to secure somewhere of size for future growth.
“The building is concrete tilt-panel construction and the owner has spent a lot of time over the last 18 months cleaning the property up with new paint, new line marking, new fencing and gates, and CCTV.”
Tenants in the 6175 sqm warehouse include Fantastic Furniture to Feenix Balustrades, Diego’s Authentic Foods, Elite RV, Quality Aluminium Fabrication, and Dreamweavers.
They are served by a hardstand area with parking for 86 vehicles.
The annual net income is $926,815 and the weighted average lease expiry period is 2.47 years.
Mr Cruden, in tandem with colleagues Tony West and James Borbidge, is to auction 12 Rudman Pde on December 2.