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News release

BRISBANE

United Labrador sells for $8.975 million at JLL auction

Gold Coast standout 'growth region' of South East Queensland


​The petrol and convenience station United Labrador on the Gold Coast has been sold on behalf of United Petroleum for $8.975 million to a private investor. ​

JLL's Doug Rapson and Campbell Bowers from Retail Investments managed the offer to market and auction.

Just 6km north of Surfers Paradise, the United Labrador is a 225sqm Quick Stop convenience store with a large canopy area and four numbers bowers with 28 pumps, capable of servicing eight vehicles at any one time; in total, 446sqm of GLA. The sale realises a fully leased initial yield of 5.12 per cent.

Built new in 2016, the property also contains 284sqm of sub-leased tenancies under the United Petroleum head lease. The 3,488sqm parcel of land boasts a premium location with a high level of exposure to passing traffic, and major frontage to the Gold Coast Highway.

The United Labrador auction follows the $10.1 million sale late last year of the 7-Eleven at Broadbeach, one which represented a record yield. 

JLL's Doug Rapson said the two sales pointed to an upturn in the strength and demand of the Gold Coast market. "As the Gold Coast continues to transition from a seasonal tourism destination, to a mature diversified city, the demand for public and private investment into residential, commercial and infrastructure projects will increase," he said.

"The Gold Coast is embracing new civic projects and developments following the region's winning bid to host the 2018 Commonwealth Games. More than $13.5 billion in major infrastructure projects are planned or underway that will distinctly change the face of the city.

"As the standout 'growth region' of South East Queensland, the Gold Coast is very well positioned to attract major institutional property investment in the coming years. We strongly believe that the Gold Coast will continue to outperform the broader QLD economy for the foreseeable future and that major institutional investment will continue to gain momentum."