The impact of having the necessary approvals in place prior to listing a property has been demonstrated in the sale of an industrial workshop at Burleigh Heads on the Gold Coast.

Situated in the front corner of the four-unit complex known as Dover Rocks, 1/24-30 Dover Drive is leased to One Power on a 3 + 3 year lease at a gross annual rental of $60,000, which commenced on the 8th April 2019.

The property was marketed for sale through Sam Riley and Brad Duncalfe of Ray White Commercial GC South, before being purchased for $690,000 by a local investor prior to auction.

At a glance:

• An industrial workshop/office at 1/24-30 Dover Drive has been sold prior to auction to a local investor for $690,000, reflecting a yield of 7.64 per cent. 
• The property was marketed for sale by Sam Riley and Brad Duncalfe of Ray White Commercial GC South.
• The property is leased to One Power on a 3 + 3 year lease at a gross annual rental of $60,000, which commenced on the 8th April 2019.

Mr Duncalfe said the value-adding advice the pair provided to the owner resulted in a capital gain of approximately 60 per cent from when the property was purchased in 2014.

"We received advice from the owner that the property did not have all the necessary approvals prior to going to market," he said.

"We identified this was going to have a big impact on the sales/leasing campaign and we then arranged for the owner to receive the correct town planning and certification advice.

"This subsequently resulted in the necessary approvals being granted for the property.

"We then leased the property and with our understanding of the strength of the investor market the owner decided to sell."

The marketing campaign drew 13 enquiries and 6 inspections. 

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