Mermaid Beach Investment Sold for $2.31 Million
A tenanted investment opportunity in highly sought after Mermaid Beach on the Gold Coast has been sold at auction by Ray White Commercial Gold Coast for $2.31 million.
The freehold property on a site area of approximately 407 sqm at 43 Alfred Street, Mermaid Beach, was sold to a private investor by Ray White Commercial Gold Coast’s Steven King on behalf of a private owner for a yield of 7.14 per cent.
Steven King said the in-room auction attracted six registered bidders following a marketing campaign which generated more than 50 enquiries.
“There was strong interest in this two-level refurbished building which is fully leased to three quality, long term tenants,” he said.
“The property is generating net rental income of approximately $165,000 per annum so naturally there were keen investors hoping to secure this well presented beachside asset.”
Steven King said Mermaid Beach remains one of the Gold Coast’s most affluent suburbs and long sought after by property investors.
He said the Alfred St commercial building, which is tenanted by a café, a real estate agency and a hair salon, has more than 20m of street frontage.
“The property has exposure to Gold Coast Highway north bound traffic and is opposite a very popular retail-convenience centre,” Steven King said.
“The property also benefits from its beachside affluent location, which includes Hedges Avenue and Albatross Avenue. It is surrounded by many popular restaurants, cafes and bars.”