A 6-level commercial building on Cavill Avenue, Surfers Paradise has been sold for $6,100,000 in a highly contested sales campaign. A consortium of buyers headed by a local investor has purchased the asset which features five floors of office, basement parking and a ground floor retail arcade which connects to the Surfers Paradise RSL.
Steven King and James Crawford of Colliers International marketed 38 Cavill Avenue, Surfers Paradise via a 6 week on-market campaign which attracted more than 80 buyer enquiries.
“We received 31 buyer enquiries in the first 24 hours and conducted 16 inspections throughout the campaign despite the current travel restrictions. In the end, offers come from both interstate and local buyers” said Mr King.
“At the time of sale, the building sold with an approximate net income of $300,000pa on an initial passing yield of around 5% but, with 3 levels of office available to lease, there is scope to increase the income profile with time” said Mr King.
Located walking distance to the Light Rail, Hilton Hotel and 50 Cavill Avenue, the property has 2,600sqm of net lettable building area and sits on 888sqm of land.
“As one of only 17 freestanding properties in Cavill Avenue, buyers were attracted to the possibility of owning real estate in one of Australia’s most famous streets” said Mr Crawford.
“This sale demonstrates the on-going strong demand for strategic Gold Coast assets and follows the recent nearby sale of Circle on Cavill for $61.8m in March this year” said Mr Crawford.
Steven King and James Crawford of Colliers International marketed 38 Cavill Avenue, Surfers Paradise via a 6 week on-market campaign which attracted more than 80 buyer enquiries.
“We received 31 buyer enquiries in the first 24 hours and conducted 16 inspections throughout the campaign despite the current travel restrictions. In the end, offers come from both interstate and local buyers” said Mr King.
“At the time of sale, the building sold with an approximate net income of $300,000pa on an initial passing yield of around 5% but, with 3 levels of office available to lease, there is scope to increase the income profile with time” said Mr King.
Located walking distance to the Light Rail, Hilton Hotel and 50 Cavill Avenue, the property has 2,600sqm of net lettable building area and sits on 888sqm of land.
“As one of only 17 freestanding properties in Cavill Avenue, buyers were attracted to the possibility of owning real estate in one of Australia’s most famous streets” said Mr Crawford.
“This sale demonstrates the on-going strong demand for strategic Gold Coast assets and follows the recent nearby sale of Circle on Cavill for $61.8m in March this year” said Mr Crawford.
