Rare commercial land opportunity boasts options aplenty
September 01, 2010
| Development Sites
A rare opportunity to secure a prime block of commercial land in the heart of Nerang’s CBD, is being offered via an Offers to Purchase campaign by Colliers International.
Leonie Smith, Director Commercial Agency from Colliers International, is handling the marketing campaign for the property, which is located at 55 Price Street in Nerang.
Ms Smith said this offer is unique, as the property is the only vacant land in the immediate area with a Development Approval for an office building.
Spanning 1,012sq m, the land is situated in the busy southern end of the Price Street, adjacent to the Commonwealth Bank and Nerang Police Station and with exposure to more than 23,000 cars daily.
The property is situated opposite the Nerang Library and Earle Plaza shopping complex, which was reported to have been bought on a yield of about 8.5 per cent, which would put the price around the $11.5 million mark.
“Such activity in the market demonstrates that investors’ appetites for suburban commercial opportunities remains strong and this land will provide an investor with several opportunities for development,” Ms Smith said.
Development Approval has been granted for an 812sq m single level office building, however, the land is also suitable for a wide range of development including retail, services, community, cultural and entertainment.
Subject to Council Approval, the property can be developed for retail, offices, services, community, cultural and entertainment purposes. There is a five storey height limit for buildings in the street.
Ms Smith said the owner is very keen to sell, as he is ready to pursue an alternate venture.
For further information please contact:
Director | Commercial Agency
Tel: +61 7 5588 0261
Mob: +61 438 765 944
Communications Manager | Queensland
Tel: +61 7 3026 3322
Mob: +61 434 573 026
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