Nobby Beach spot sells for cool $5.1m
of $254,855 plus GST and sold on a sub-five per cent yield.
The rental figure does not include the two vacant units, which if rented would return $46,800 per year.
The property was marketed by Ray White Commercial Gold Coast agent Steven King.
The Nobby Beach retail and dining area has attracted strong activity in recent years.
Last year, a 1555sq m property at 2211 and 2215 Gold Coast Highway sold for $9 million on a yield of approximately 4.9 per cent.
Farther south, a tenanted property at Palm Beach’s 8th Avenue Plaza has sold for $420,000 on a 7.14 per cent yield.
The 74sq m property, at 7/2 Eighth Ave, is leased to APM Employment Services for annual net rental of $30,000.
APM has recently renewed its lease for three-years with two three-year options.
The firm is Australia’s largest provider of disability employment services to the Australian Government.
It was sold by Janet and Des Sly on behalf of a trust.
Ray White Commercial GC South agent Greg Watson said the property is in a prime location.
“It is located within easy walking distance to shops, cafes, restaurants, the local surf club and public transport.”