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The Gold Coast commercial market remained strong “right now” for income-producing assets, according to the top commercial agent in the leading group Ray White.
Michael Willems, who has sold more than $1 billion in property, recently sold three properties under the hammer for almost $5 million with 28 bidders in the hunt.
“The market is very good for income-producing assets at the moment,” said the top agent at Ray White Commercial Gold Coast.
“There’s definitely been strong local interest, fuelled by the yields available on the Gold Coast compared to assets in southern states.”
Mr Willems recently had eight registered bidders vying for well-positioned freehold property in Southport which ended up selling to a local investor for $2.350 million.
“The owners were determined to sell this brilliantly positioned freehold property that adjoins the Ferry Road markets which was recently bought by AMP for $137 million. It’s an awesome location across from the Porsche dealership and next to Freedom Furniture,” he said.
“It was a great spot, highly visible location, and the sale was $300,000 over the reserve price.”
A two-lot property in Labrador sold under the hammer for $1,650,000, with five registered bidders. It has quality tenant in place for the last 13 years and an eight-year lease until 2024.
Last year, the property produced nearly $143,000 in net income per year, plus GST and outgoings.
A deceased estate property also in Labrador attracted a lot of immediate attention when it was offered for sale for the first time ever.
Some 15 people registered to bid for the property, which sold for $765,000, more than $215,000 over reserve.
“This was an outstanding opportunity and everyone knew it,” Mr Willems said.
“The property’s net income is around $50k per annum plus CPI and it’s fully leased with options.”
Mr Willems said that these deals came on the back of another successful sale late last year, a boutique retail holding in Main Beach for $5.5 million to the Symonds family of the Aussie Home Loans dynasty.
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