Tenanted Noosaville Industrial Site Sold at Auction for $948,000
A tenanted industrial site with future development upside at Noosaville on the Sunshine Coast has been sold at auction by Ray White Commercial Noosa and Sunshine Coast North for $948,000.
The property on two titles at 5 Production Street, Noosaville, was sold to a Brisbane-based investor by John Petralia of Ray White Commercial Noosa and Sunshine Coast North on behalf of a local businessman for a yield of 11 per cent.
John Petralia there was strong interest in the marketing campaign for the approximately 4,096 sqm site, which has a 1,010 sqm tenanted building.
“There was good interest from investors and developers and there were four registered bidders at the on-site auction,” he said.
“The bidding opened at $500,000 and rose quickly before a pause at $875,000. The auctioneer sought instructions from the vendor who submitted a vendor bid of $925,000 and the bidding continued until the property sold under the hammer for $948,000.
“It was a great result as the property was originally listed for sale via an Offers to Purchase campaign before it was decided to go to auction.”
John Petralia said the property is currently leased for rental of approximately $105,850 per annum with a five year lease expiring in 2019.
“The true value in this property is to develop it when the tenant eventually leaves,” he said.
“There is the ability to approximately double the shed space (STCA). The site is on two titles and underutilised in terms of under roof area.”