An Arundel industrial building has sold under the hammer for $5.52 million.
Located at 5 Newheath Drive, the 3,183sqm site comprises a fully-leased 1,752sqm building, divided internally into two separate tenancies, plus 21 car parks.
Marketed by Ray White Commercial Gold Coast agent Michael Willems on behalf of a local investor, the property attracted plenty of interest with seven registered bidders on auction day.
“The bidding started at $3 million, with all registered bidders participating in the bidding,” Mr Willems said.
“There were still four buyers bidding in excess of $5 million.
“It was a great asset in a great location.”
The winning bid eventually went to a Sydney-based investor.
Mr Willems said the Gold Coast region was still attracting a lot of enquiry across all asset classes.
“The Gold Coast is still offering very good value and good buying opportunities compared to other markets in across the country,” he said.
“The migration to south east Queensland and the population growth will continue underpin investors’ confidence in the area.”