A PRIME Gold Coast investment property has been bought by a Queensland-based syndicate for $12,200,000 at 18 Motorway Circuit in Ormeau.
The asset, that came with a 4,598sq m* building area and 7,980sq m* in total land component, was purchased after a successful off-market campaign.
The property was sold by Ray White Industrial Milton Associate Director Jaems Balfour.
Mr Balfour said the sale was a prime example of how incredibly active the commercial property market was, despite the negative speculation.
“The asset is occupied by a high-level food production and cold store facility and produces a net income of $973,480,” Mr Balfour said.
“The property offered a short-term lease and the fact the deal was struck in the middle of the COVID-19 pandemic proves the buyers saw past the market noise, and believed in the long-term strength of the asset and tenant.
“We had two competing offers, both from separate syndicated funds, so it was an asset that was very much in demand.”