Stars finally align for owner of Southport resort Aquarius offloaded
THE owner of Southport’s Aquarius Resort has finally succeeded in finding a buyer following multiple failed attempts.
Aquarius Resort at 44 Queen St has been owned and operated since 2003 by Sebastian Investments Pty Ltd, linked to Jo-Anne Wilkie.
Campaigns to find a buyer in 2016 and 2017 failed before Michael Willems, of Ray White Commercial Gold Coast, succeeded at The Event megaauction on January 24.
Mr Willems said a Gold Coast investor bought the short-term accommodation property for $2.7m with a three-year leaseback in place.
He said there were six bidders in total for the property with the auction demonstrating strong faith from investors in the Gold Coast market.
He said investors were taking a long-term view of the commercial property market in 2021.
“Depending on how it goes with a vaccine, international borders may be shut for maybe a bit longer than we would like … which will continue to drive tourism to the Gold Coast,” Mr Willems said.
“This type of property will be a beneficiary.
“It is a 17-room accommodation house, walking distance to the Broadwater, near a light rail station, it is a pretty cool property to own.”
Mr Willems said it could also be a development site in the future.
“You could put a 10-storey building there,” he said.
“Southport is getting a massive shot in the arm with the development now.”
Mr Willems said all up he and colleague Jackson Rameau’s properties at The Event attracted 50 bidders.
The resort, located on a 939sqm block, contains 74 beds across its three levels as well as a barbecue area, pool, licenced bar and beer garden area, commercial kitchen and laundry.
Net income is $168,000 per annum with the sale reflecting a yield of 6.2 per cent.