Premium Showroom Investment - Reposition opportunity with income upside
34-36 Kortum Drive BURLEIGH HEADS QLD 4220
Colliers International are pleased to present to market 34-36 Kortum Drive, Burleigh Heads for sale via public Auction.
Positioned prominently within a high-profile position in Burleigh Heads, one of Queensland's, if not Australia’s, hottest property locations. This property has been home to prominent national tenant Fantastic Furniture for the past 7 years.
A large allotment of 6,978m²* with approximately 4,214m² of NLA and a ‘Mixed Use’ zoning, this property offers substantial future rental upside potential. Demand is surging for freehold property in the southern Gold Coast and this is no exception, it won’t miss with meeting buyer expectations of strong capital growth with excellent rental upside. It features massive exposure to the main east-west link of Reedy Creek Road linking the M1 to Burleigh Heads central. The sitting tenants have expressed strong interest in staying, however no leases are locked in at this point leaving the opportunity for the incoming purchaser to reset the leases long term or reconfigure and re-lease with different size configurations, alternatively, there is the opportunity to owner-occupy.
- Leased to Fantastic Furniture past 7 years and seek a new 5+5+5 year lease
- Upper level leased past 23+ years to Massage Schools of Queensland at a very conservative rental rate
- 4,214m²* of total Lettable area
- 6,978m²* land area with a massive 79m²* frontage
- $827,810* gross income, with ample income revision upside potential
- Opportunity to occupy, reset lease, or seek new tenants, no leases locked in yet beyond 01/06/21
- Entire 3,442m² ground level showroom currently leased to Fantastic Furniture, ability to split into smaller tenancies
- New extended long-term lease proposed by Fantastic Furniture for reduced lease area of 2,544m²*
- Opportunity to split existing 3,442m²* tenancy to accommodate Fantastic Furniture’s requirement with the easy ability to lease up the remaining proposed 864m²* vacant area
- Massive exposure to the main east-west link of Burleigh Connection Road linking the M1 to Burleigh Heads central
- High traffic flow area with visibility to in excess of 30,000* vehicles passing daily
- ‘Mixed Use’ zoning, services a large catchment area surrounded by national and international drawcard tenants
- Vehicle access to rear with loading docks
- Current air-conditioning upgrades occurring at seller cost
- Premium freehold opportunity, sellers circumstance ensures this will be sold!
36-38 Kortum Drive will be Auctioned in-rooms on Thursday 4 March 2021 at 11am (AEST).
Please contact Pat Cavanagh on 0415 261 339 or Steven King on 0417789599 to request the Information Memorandum.