A petrol and convenience station on the Gold Coast has been sold on behalf of United Petroleum for $8.975 million to a private investor.
'United Labrador' is located six kilometres north of Surfers Paradise and includes 446 square metres of total GLA, with a 225 square metre Quick Stop convenience store and 28 pumps, capable of servicing eight vehicles at any one time.
The sale realised a full leased initial yield of 5.12 per cent.
Built new in 2016, the property also contains 284 square metre of sub-leased tenancies under the United Petroleum head lease. The 3,488 square metre parcel of land boasts a premium location with a high level of exposure to passing traffic, and major frontage to the Gold Coast Highway.
The United Labrador auction follows the $10.1million sale late last year of the 7-Eleven at Broadbeach, one which represented a record yield.
JLL’s Doug Rapson and Campbell Bowers from Retail Investments managed the offer to market and auction.
Mr Rapson said the two sales pointed to an upturn in the strength and demand of the Gold Coast market.
“As the Gold Coast continues to transition from a seasonal tourism destination, to a mature diversified city, the demand for public and private investment into residential, commercial and infrastructure projects will increase.
“The Gold Coast is embracing new civic projects and developments following the region’s winning bid to host the 2018 Commonwealth Games.
"More than $13.5 billion in major infrastructure projects are planned or underway that will distinctly change the face of the city.”
“As the standout 'growth region' of South East Queensland, the Gold Coast is very well positioned to attract major institutional property investment in the coming years," he said.
"We strongly believe that the Gold Coast will continue to outperform the broader QLD economy for the foreseeable future and that major institutional investment will continue to gain momentum."