Surfers Police Station Sold at Auction for $5.4 Million
A tenanted investment opportunity anchored by the Surfers Paradise Police Station on the Gold Coast has been sold at auction by Ray White Commercial for $5.4 million.
Strata lots 89-93, 20 The Esplanade (also known as 23 Orchid Avenue), Surfers Paradise, was sold under the hammer to a private investor by Ray White Commercial Gold Coast’s Steven King on behalf of a private owner for a yield of approximately 7.0 per cent.
Steven King said the in-room auction at the Gold Coast Turf Club at Bundall attracted five registered bidders.
“We received considerable interest in this fantastic tenanted investment opportunity during the marketing campaign and are very excited by the result,” he said.
Steven King said the property currently generates net rental income of approximately $380,505 per annum with 4.0 per cent annual reviews.
“The Surfers Paradise Police Station is a rare State Government tenanted long term investment opportunity in the heart of the Surfers Paradise entertainment precinct fronting Orchid Avenue,” he said.
“The Queensland Police Service has been a tenant since June, 2007, and recently renewed a five year lease.”
Steven King said the strata-titled property comprises a nett lettable area of approximately 954 sqm over two levels.
“There is an extensive additional underground basement area and exclusive use courtyard,” he said.
“The property is very well positioned in the heart of the Surfers Paradise entertainment precinct.”