A Queensland-based syndicate has snapped up a sizeable industrial asset in the Gold Coast suburb of Ormeau for $12.2 million.

The property at 18 Motorway Circuit, Ormeau, that came with a 4,598sq m* building area and 7,980sq m* in total land component, was purchased after a successful off-market campaign conducted through Ray White Industrial Milton Associate Director Jaems Balfour.
 
Mr Balfour said the sale was a prime example of how incredibly active the commercial property market was, despite the negative speculation.

At a glance: 

• An investment asset at 18 Motorway Circuit, Ormeau has been sold to a Queensland-based syndicate for $12.2 million.
• The property at 18 Motorway Circuit, Ormeau, that came with a 4,598sq m* building area and 7,980sq m* in total land component.
• It was sold following an off-market campaign conducted through Ray White Industrial Milton Associate Director Jaems Balfour.

Source: Ray White

“The asset is occupied by a high-level food production and cold store facility and produces a net income of $973,480,” he said.
 
“The property offered a short-term lease and the fact the deal was struck in the middle of the COVID-19 pandemic proves the buyers saw past the market noise, and believed in the long-term strength of the asset and tenant.
 
“We had two competing offers, both from separate syndicated funds, so it was an asset that was very much in demand.”

*Approximately

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