A tightly held retail strip on the Gold Coast which has become the “hot spot” to shop and dine is set to attract a high volume of investor interest when it goes to auction in May.
Located at 2223 Gold Coast Highway, Mermaid Beach, the freehold retail property sits on 412 sq m of prime land zoned general commercial and is tenanted by BWS, Mexicali Restaurant and Bar, Okazu Sushi Restaurant, and T WILVEST Pty Ltd, and Nobby Beach Carravan Park.
Colliers International Gold Coast Associate Director Special Projects Geoff Lamb and Director in Charge Darrell Irwin, who are handling the sale, agreed the property represented a “solid gold” opportunity to an incoming investor.
“Mermaid Beach retail shops have always been tightly held investments by their owners and prime opportunities rarely come to market. In recent years, the rejuvenation of many of the properties has activated this retail strip with bars and dining options,” Mr Lamb said.
The property enjoys a net income of approximately $248,742, and a WALE of 4.3 years.
“Its future can only be enhanced with the proposed Light Rail extension to Burleigh Heads and a planned station adjacent to this property,” Mr Lamb said.
Mr Lamb said the proposed station would trigger a zoning review and likely increase densities in the area, as had occurred elsewhere.
Further extension to the Light Rail Network is proposed to link the Gold Coast Airport and Coolangatta.
The property will be auctioned by Colliers International in rooms at Surfers Paradise on Tuesday May 15 at 11am.