Gladstone Commercial Investment Sold

Gladstone Commercial Investment Sold

A retail/office owner-occupy or investment opportunity in the heart of the Gladstone CBD in central coastal Queensland has been sold by Ray White Gladstone for $875,000.

The property on a total site area of 1,969 sqm at 69 Goondoon Street, Gladstone, was sold to not-for-profit group Gladstone Engineering Alliance by Ray White Gladstone Director Andrew Allen on behalf of a Central Queensland-based investor.

Andrew Allen said the building was sold with a projected yield of approximately 13 per cent.

“This asset offered a quality investment in the heart of the Gladstone CBD,” he said.

“The property comprises multiple retail or office tenancies totalling 1,159 sqm.

“The purchaser intends to occupy part of the property and lease out the remaining tenancies. This site is surrounded by a hub of activity including major banks, hotels, legal practices, government agencies and retail.”

Ray White Commercial Head of Research, Vanessa Rader, said while the Gladstone commercial market is known for its volatility, many have identified the region for future growth.

“More recently unemployment levels have subsided and now sit at 5.3 per cent (September 2016), recording 110 basis point compression over the last 12 months,” Vanessa Rader said.

“While the size of the workforce may be small, the contribution of Gladstone to the broader Queensland economy is large.  Across Gladstone each worker contributes $173,196 to the Gross State Product compared to the Queensland average of $160,722, according to REMPLAN.  While Gladstone is known for its boom and bust type economy driven by mining infrastructure, the size and capacity of the Gladstone Port area is just one aspect of the longer-term robustness this city could enjoy.”