A waterfront property at Varsity Lakes has been sold to a Gold Coast investor for $14 million. 

Comprising 13,000 square metres, the site at 169 Varsity Parade includes a single storey office building with on-site parking and is serviced by air-conditioning, staff rooms, kitchenettes, disabled amenities and male and female amenities. 

The address is leased to two national tenants in the Bank of Queensland and a Federal Government Agency and had a net operating income of $1,206,907 per annum at the time of sale.

At a glance: 

• 169 Varsity Parade, Varsity Lakes has been sold for $14 million to a Gold Coast investor, reflecting a yield of 8.62 per cent.
• The deal was negotiated by Ray White Gold Coast South, in conjunction with Knight Frank.
• The property comprises a 13,000 square metre site area and a net lettable area of 3,364 square metres.

The sale was negotiated by Ray White Commercial Gold Coast South, in conjunction with Knight Frank. 

An expressions of interest campaign including Abacus Property Group's other Varsity Lakes property at 1 Bellvue Drive was launched towards the end of last year, drawing more than 75 enquiries.

After one group failed to raise the capital needed to purchase the portfolio in one line, Ray White's Brad Duncalfe identified an investor that had previously expressed interest in the portfolio, leading to a lengthy negotiation.

The property would eventually be sold for $2 million above its previous purchase price in what the selling agents described as an "excellent result".

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