Gold Coast Rent a Shed trades for $9.4m
A Rent a Shed on Gold Coast’s Burleigh Heads has sold to a local developer
The $9.4 million deal for 40 Kortum Drive was agreed on a cash unconditional basis.
Occupiers are said to have looked in – the 4589 square metre site contains 185 storage sheds – 92 per cent of which are occupied.
Units range from 1-21 sqm.
Total lettable area is 2081 sqm including a caretaker’s cottage.
It is opposite the Burleigh Home + Life homemaker centre which sold for $72.5m in 2022 to a local family.
Burleigh Heads is about 14 kilometres south of Surfers Paradise (continues below).
Low yield
The result for 40 Kortum Dve reflects a 2.69pc passing yield.
“The asset benefited from outstanding elevation, exposure and future redevelopment potential,” Colliers’ Kye Ward, who brokered the deal with Steven King, Louis Young and Matthew Adcock, said.
“The campaign attracted significant interest from both developers and owner occupiers however given the longer-term development potential of the site, it ultimately sold to a local developer on a cash unconditional basis,” according to the executive.
Twenty three offers came in, he added.
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