Surfers Sushi Train Site Sold at Auction
A high profile Surfers Paradise site leased long term to national Japanese restaurant chain Sushi Train (Australia) Pty Ltd has been sold at auction by Ray White Commercial Gold Coast.
The retail investment at Lot 404/18 Cypress Avenue, Surfers Paradise, was sold under the hammer for $1,095,000 to a private investor by Steven King of Ray White Commercial Gold Coast on behalf of a private owner for a yield of 7.2 per cent.
Steven King said Sushi Train is a long term lessee of the 118 sqm tenancy and commenced a new 5 + 5 + 5 year lease in September, 2016.
“This property was a highly attractive investment opportunity with a high profile established tenant and returning rental income of approximately $90,000 per annum,” he said.
“The in-room auction attracted five bidders and the property was sold under the hammer after some highly competitive bidding.”
Steven King said the Sushi Train outlet is situated in a high profile location fronting Ferny Avenue.
“Sushi Train has been trading in this particular shop since 2008,” he said.