Savills plc

03/05/2018 | News release | Distributed by Public on 03/04/2018 18:39

Nerang retail complex sold for $3.5m

A well-established retail complex in the Nerang town centre at the Gold Coast has sold to a local private investor for $3.5 million.

The property was sold by Jon Tyson and Michael Harcourt of Savills Retail Investments, following an Expressions of Interest campaign that generated strong enquiry.

6 & 8 Lavelle Street comprises two adjoining buildings on separate lots and incorporates a complementary mix of 15 local retail and service-based tenancies with a combined floor area of 988sq m.

The complex occupies a prime 2,024sq m corner site on Price Street, the primary business destination in Nerang and the local section of the arterial Beaudesert-Nerang Road, with an average daily passing traffic count of approximately 25,000 vehicles.

Jon Tyson said the Nerang property presented a significant repositioning opportunity for the astute investor with the added attraction of future redevelopment potential to a maximum building height of 39 metres.

'We received strong interest from over 150 parties due to the property's central Gold Coast location as well as its immediate and long term value add potential.'

Mr Harcourt said 'We generated multiple offers from an array of exceptionally well-credentialed buyers for this centre after a coordinated and cohesive sale program.'