Motels in demand as two sell

TWO motels at the intersection of Gold Coast Highway and Surf St in Mermaid Beach have sold within a two-month period.

The 10-room Camelot Motel, on a 870sq m corner block at 2289 Gold Coast Highway, has been bought for $2 million by a Gold Coast investor. The contract was signed in May and is due to settle this month.

It follows developer John Potter’s $1.85 million purchase of the Surf St Motel at 2283 Gold Coast Highway, which settled in April.

Professionals Mermaid Beach director Luke Henderson, who marketed both motels, said the new owner of Camelot sees it as a long-term investment and has plans to refurbish the property.