Hooters Surfers Site Sold for $2 Million

Hooters Surfers Site Sold for $2 Million

A high profile Surfers Paradise site leased long term to world famous restaurant chain Hooters has been sold at auction by Ray White Commercial Gold Coast for $2 million.

The property at Lot 11 2893-2903 Gold Coast Highway, Surfers Paradise, was sold under the hammer to a local investor by Steven King of Ray White Commercial Gold Coast on behalf of a local owner for a yield of approximately 7.5 per cent.

Steven King said the marketing campaign for the offering – underpinned by a secure lease to one of the best known restaurant brands in the world in Hooters – generated more than 50 inquiries.

“There was strong interest in this investment opportunity and the Ray White Surfers Paradise Group auction at the Gold Coast Turf Club attracted six registered bidders,” he said.

“Competition was keen for this property with a late bidder entering the fray after we had paused at $1.75 million and offering a successful bid of $2 million.”

Hooters has a 10 + 5 + 5 year lease on this Surfers Paradise site and the property generates nett rental income of approximately $156,825 per annum with four per cent annual increases on gross income.

“Hooters is situated in a high profile iconic location between Broadbeach and Surfers Paradise fronting the Gold Coast Highway and the light rail network,” Steven King said.

Steven King said the property has a lettable area of approximately 424 sqm and includes alfresco plus two storage areas and a back loading bay.