Investor splashes $4.01m for entire block of Gold Coast townhouses

The block of six townhouses at 5 Croft Court, Tugun.
The block of six townhouses at 5 Croft Court, Tugun.

A cashed-up buyer has splashed a cool $4.01 million on an entire townhouse block on the southern Gold Coast despite the COVID-19 crisis gripping the city.

The local buyer snapped up the Tugun complex at 5 Croft Court which included six leased residences on one title.

Marketing agents Jared Johnson and Lachlan Marshall, of Ray White Commercial Gold Coast, handled the sale.

Johnson says the pair had more than 120 inquiries since they launched their marketing campaign in late January.

“We got it under contact on March 18 subject to finance before it went unconditional and sold,” Johnson says.

“It was the most inquiry we’ve ever had.

5 Croft Court, Tugun.

“The townhouses are 100% leased and had awesome depreciation benefits so investors went nuts for the block.”

Johnson says the buyer is from the Gold Coast.

“We got it under contract before the COVID-19 (real estate) restrictions came in and we worked with the buyer and spoke with him every day,” he says.

“He had no qualms with it at all.”

The townhouses sit on a 2636sqm elevated block and have a rental income valued at $217,880 per year.

This article from the Gold Coast Bulletin originally appeared as “Gold Coast townhouse block fetches $4 million during COVID-19 crisis”.