A Gold Coast office building leased to a mix of medical and professional tenants has been sold to Argus Property Fund for $25.4 million in an off-market deal.

Situated at 1 Lake Orr Drive, Varsity Lakes, Lakeside 1 comprises about 6,059  square metres of office area and 55 square metres of ground retail floor area, giving the address a total net lettable area of 6,114 square metres.

At a glance: 

• A commercial office building at 1 Lake Orr Drive, Varsity Lakes has been purchased by Argus Property Fund for $25.4 million in an off-market deal.
• The deal, which was brokered by Brad Duncalfe of Ray White GC South, reflects a yield of 7.41 per cent.
• Lakeside 1 has a total net lettable area of 6,114 square metres.

The building, which counts Classic Holidays, Telstra and Southcoast Radiology among its tenants, had a net operating income of $1,882,317 per annum at the time of the sale and was about 93.07 per cent occupied.

The deal was brokered by Brad Duncalfe of Ray White Commercial GC South on behalf of a Sydney family and reflects a yield of 7.41 per cent.

Mr Duncalfe negotiated a sale which also included two strata suites from Lakeside 2.

In a statement, Argus Property Fund said it intended to "lease up the vacant space and continue to build our relationships with our tenants”.

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