After more than 40 years of ownership, one of Burleigh Heads most recognisable landmarks, McDonald House has been sold on auction day after to a local private buyer for $8,300,000.
The mixed-use investment offered a net income of approximately $629,000pa and was marketed by James Crawford and Darrell Irwin of Colliers International in a hotly contested 5 week auction campaign.
The property was sold on a yield of 7.5% and attracted more than 90 enquiries, including strong demand from Sydney and Melbourne investors.
Mr Crawford said “McDonald House is a hive of activity with a total of 20 tenants comprising of 7 ground floor retail shops and 13 commercial tenancies across 1,817sqm of net lettable area. The tenant mix is fantastic and includes Ze’Pickle, Connors Café, Burleigh Heads Language College, Ecosure and Optus”.
Mr Irwin said “the property is situated on the largest freehold corner site within the James Street retail precinct and down the track offers excellent re-development potential, particularly if densities are increased as a result of the proposed Stage 3 Light Rail into Burleigh Heads. And over the next couple of years, we expect the new buyer will look to improve the leasing profile of the asset.”