Surfers Retail Building Sold for $8.8 Million
A prominent retail building which was home to a former night club in the heart of Surfers Paradise on the Gold Coast has been sold by Ray White Commercial Gold Coast for $8.8 million.
The vacant property on an approximately 945 sqm allotment at 21 Orchid Avenue, Surfers Paradise, was sold off market to an Australian/Chinese consortium by Steven King of Ray White Commercial Gold Coast on behalf of Starwood Capital Group Pty Ltd.
“This is a significant holding in the heart of the Surfers Paradise entertainment precinct next door to the Surfers Paradise Police station which the buyer plans to demolish and redevelop as a proposed hotel,” Steven King said.
“The property is situated prominently in an unrestricted height development precinct, and buildings within the immediate vicinity include Soul and the Hilton.”
Steven King said the two level plus basement building currently accommodates a vacant former night club on the ground floor and a second level vacant area.
“The approximate nett lettable area is 1,258 sqm with a 550 sqm basement area,” he said.