MIRVAC has sold a commercial building at the Hope Island Resort on the Gold Coast to a Sydney based private investor for $6 million.
The transaction was negotiated by Colliers International Gold Coast Directors Leonie Smith and Brad Johnston and represents a yield of 8%.
The Boardwalk, in Rialto Quay Drive at the Hope Island Marina Village was acquired by Mirvac in early 2007 as part of a billion dollar plus national property portfolio purchased from property tycoon Lang Walker.
Mirvac has also on-sold the Hope Island Resort golf course, marina and the Boardwalk Tavern, which is adjacent to The Boardwalk commercial building, to partners associated with Brisbane-based Consolidated Properties.
But the group has kept several key residential development sites in the master planned resort community.
The Boardwalk is freestanding two storey building occupies a prime 4,047 sqm site and comprises a net lettable area of 1,248 sqm broken into 10 tenancies. The property also includes 40 on grade car parks.
The property is fully leased to nine tenants generating a net income of $486,570 per annum.
Smith said the buyer was attracted to the quality of the building, its waterfront location and quality of the tenants.
Johnston said Mirvac’s decision to sell the building provided a long term investment opportunity with good growth potential, which the astute investor acted on.
Australian Property Journal
