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.”

Up to Date

Latest News

  • How Australian tourism can boost your investment

    After two years of a slow international travel market, tourism in Australia had taken a massive hit. Now that vaccinations are rolling out, global travel is being more widely encouraged and things are picking up pace once again. By the end of 2022, experts are predicting that the tourism industry … Read more

    Read Full Post