Mermaid Beach Investment Sold at Auction for $9 Million

Mermaid Beach Investment Sold at Auction for $9 Million

A prominently located retail investment opportunity at Mermaid Beach on the Gold Coast has been sold at auction by Ray White Commercial Gold Coast for $9 million.

The property at 2211 and 2215 Gold Coast Highway, Mermaid Beach, was sold to a local investor by Michael Willems of Ray White Commercial Gold Coast on behalf of Michael Kennedy for a yield of approximately 4.9 per cent.

Michael Willems said the marketing campaign for the property attracted 186 enquiries and there were 29 registered bidders at the in-room auction today (Thursday) at the Gold Coast Turf Club.

“We had some very keen bidding and it was a pleasing result to see this standout commercial property in a popular retail and café precinct sold under the hammer for $9 million,” he said.

The property comprises two buildings on a total land area of approximately 1,555 sqm and includes 14 tenancies generating net rental income of approximately $447,000 per annum.

“The tenancies on site include the Nobby Beach Post Office, a medical centre, pathology and chemist, a hair salon, take away food outlets and Little Bean Coffee Shop,” Michael Willems said.

“The two commercial buildings offer a combined net lettable area of approximately 817 sqm.”