Local investor snaps up Nerang showroom for $1.8 million

A local investor has snapped up a prominent retail showroom at Nerang on the Gold Coast for $1.8 million.

The 84 Spencer Road property, with exposure to the Pacific Motorway, is on a five year lease with an extra five year option to a flagship Bridgestone Select Service and Tyre Centre.

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Ross Salmon of Sun Shop (NSW) Pty Ltd acquired the purpose built 894 square metre building.

The modern tilt panel building is constructed on a 2,000 square metre site and was previously bought by the Nichols family in 1995 for $330,000. The family built the building and operated a tyre centre at the premise for 17 years before leasing the property to Bridgestone Australia Limited in late 2012.

Colliers International associate director of investment services and marketing agent of the property, James Crawford, said that the income was $126,000 per annum excluding land tax and management, reflecting a true net yield of just under 6.5%.

news@propertyobserver.com.au 

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