An investment grade office building in the Tweed Heads CBD with government and professional service industry tenants has been sold at auction by Assi Dadon of Ray White Commercial for $2.7 million.The property at 38-40 Frances Street, Tweed Heads, was sold under the hammer to an investor from northern NSW on behalf of an overseas-based owner.Mr Dadon said the auction at the Currumbin RSL on the Gold Coast attracted two registered bidders who competed keenly for the property.Bidding started at $2 million and moved up to $2.55 million before a pause and then an increased bid of $2.7 million from the highest bidder was sufficient for the owner to sell.The building on an area of approximately 1,315m² includes eight tenancies and has potential to generate rental income in excess of $350,000 net per annum. The property has a net lettable area of approximately 1,208m² and a number of the units have established tenants. The recently refurbished secure, two-storey building is well appointed and centrally located in the Tweed Heads CBD. It is close by to Tweed Centro and adjacent to the proposed new police station and court house.
|Method of Sale:||Auction|
|Marketing Time Frame:||4 weeks|
|Number of Bids:||5|
|Starting Bid:||$2 million|
|Sale Price (Under the hammer):||$2.7 million|