$1.7m for business site
A COMMERCIAL building with an established tenant in the heart of the Tweed Heads South business district has been sold for $1.7 million, according to the sales agent.
The property, currently home to South Tweed Autos car servicing and smash repairs at 155 Minjungbal Drive, Tweed Heads South, is a short distance from the Tweed Daily News building in Rivendell.
It was sold to “a local investor” who, according to the agent’s office, did not want to be identified.
Real estate agent Jared Hodge, the principal of Ray White Commercial Coolangatta/Tweed Heads, announced the successful sale in a prepared media release.
In the statement he said the property, located on a 1501-square-metre block on the “main road in Tweed Heads”, had attracted considerable interest.
“An obvious attraction was the location and the fact that the property has a solid tenant in place and is generating annual net income of $109,000,” he said in the statement.
“The building has a floor area of 900 square metres and ample parking
“It is also surrounded by major businesses such as Carpet World and O’Brien Glass, so it represents a very secure investment.”
Mr Hodge said in the statement that population growth in the Tweed region was providing significant opportunities for businesses and investors looking to establish themselves in the area.
“The Tweed has a vibrant regional economy and the population is expected to increase by almost 40 per cent over the next 15 years,” he said.
Last Saturday Mr Hodge also sold the old Norco milk factory site in Murwillumbah, where a Tweed businessman wanted to build a new supermarket for the town. It was been sold to a buyer who also was not identified.
Former owner Bruce Campbell this week confirmed the 6250sq/m pro- perty had sold at auction.
“An obvious attraction was the location and the fact that the property has a solid tenant,”- Jared Hodge.