21-23 Upton Street: Liquidators consider future of Bundall commercial site
Liquidators of a key property just a short distance from the council chambers are set to decide its future. FIND OUT WHY
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Liquidators of a key commercial property just a short distance from the council chambers are this week assessing the results of a national expression of interest campaign.
The 4050sq m showroom, on the eastern side of Bundall’s Upton St, is being sold in a national campaign jointly run by Colliers’ Steven King and Marlon Crawford and Ray White Commercial’s Jackson Rameau and Michael Willems.
Mr King said the property has 10 tenancies across two buildings.
“All four front tenancies are being offered vacant possession with six rear tenancies having short-term leases in place, delivering a holding income with strong upside potential amid continued strength in the Gold Coast’s industrial and commercial market,” he said.
“Properties of this calibre rarely come on to the market in the Upton St precinct.
“It is a highly versatile freehold asset located on the eastern side of Upton St, within an area that is a major drawcard for national retailers.
“Properties in this precinct rarely become available and are highly sought after when they do.
“We’re expecting strong interest from local and national investors and owner-occupiers, particularly those who have been looking to get a foothold in the Bundall commercial area for some time.”
An expression of interest campaign on the site closed this week, with the winning buyer to be determined in coming weeks.
The building has a net lettable area of 2150sq m.
It was placed on the market by Nick Keramos and Bill Karageozis, the joint liquidators of 21 Upton Street Holdings Pty Ltd (in liquidation).
The pair are also the receivers and managers of The Upton Street Unit Trust.
Mr Rameau said the area was increasingly popular with buyers.
“Bundall is the Gold Coast’s premier retail showroom and warehousing precinct, hosting a suite of major retail operators including HomeCo, The Good Guys, JB Hi-Fi, Bedshed, Petbarn, Repco, Snooze, Ideal Electrical and Beacon Lighting,” he said.
“The property is also close to the Gold Coast Turf Club and opposite the Queensland Department of Main Roads and Transport.
“The Upton St precinct is highly coveted by national enterprises, with tenancies just as tightly held as the property assets themselves
“The site offers strategic access, ample on-site parking for 55 cars, and high visibility with extensive road frontage.
“Strong demand from quality tenants makes this an exceptional investment opportunity in a highly coveted position within the area.
“The property also offers a new owner upside potential as the buildings on site can be subdivided into multiple units, subject to council approval.”
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Originally published as 21-23 Upton Street: Liquidators consider future of Bundall commercial site
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