Gold Coast office value jumps 83pc in three years
A Gold Coast office leased to ASX-listed education group NextEd has sold for $15.25 million.
The three-level building at 56 Nerang Street, Southport, previously sold in April 2023, for $8.35m.
Based on the annual net rent, the on-sale was struck at a 7.53 per cent yield.
Colliers’ Steven King and MP Commercial’s Mike Walsh and Peter Court were the agents.
The incoming owner is a local private investor.
Southport is about seven kilometres north of Surfers Paradise.
Another Southport deal
On 944 square metres in the Southport Priority Development Area, 56 Nerang St contains 2208 sqm of lettable area and 25 car parks.
The building recently underwent c$4.5m in capital works including upgrades to air conditioning, fire services, tenant amenities and fit-out (continues below).
NextEd leases the property from Clark Property Partners.
The rental agreement started in September 2023.
Annual net rent is $1,147,946 with CPI-linked reviews between 3.5-4.75pc.
The weighted average lease expiry was 7.5 years when the property was listed in March 2026.
In June, realestatesource.com.au reported the Crisafulli government listed a site, also in the Southport Priority Development Area, expected to accommodate over 300 apartments.
In April the Southport home to radio station Hot Tomato 102.9FM sold for $17.8m.
Last year, Autosports Group Limited outlaid $17.6m for three adjoining offices leased to Centrelink until early 2028. The ASX-listed car giant is set to move in after that, for a Mercedes-Benz dealership.
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