After 50 bids and achieving $170,000 above reserve, 10 Leda Drive, Burleigh Heads was sold under the hammer at a Colliers International auction on the Gold Coast today.
The 900sqm freehold industrial property was sold for $1,470,000 at a 5.7% yield. It is currently occupied by four sitting tenants, ranging from a periodic lease, to one and two year lease terms. The property is positioned on a 1,918sqm site and is divided into four street facing units, accessed via two cross overs.
Marlon Crawford and Daniel Coburn from Colliers International marketed the property and negotiated the deal.
“During the marketing campaign we received over 60 enquiries, attracting 21 registered bidders on the day. The 50 bids resulted in the property selling $170,000 above the reserve price,” said Mr Crawford. “This is a true testament to the current demand for leased freehold property on the Gold Coast.”
According to Mr Coburn, Burleigh Heads continues to display increased demand from all buyer groups, especially investors, as industrial and leased investments are so scarce. “The buyer was a local investor who recognised the value property presented.”
Recent research from Colliers International report Gold Coast supply constraints – opportunity for investors shows long term sustained growth of all asset types including industrial is likely to continue. This is driven by a current undersupply of product and strong economic growth forecasts for the broader City anticipated over the coming five years.