BUSINESS PROPERTY Prime Nobby Beach asset goes to auction
A PRIME retail strip in Nobby Beach – home to popular restaurant Mexicali – is being released to the market by a group of Gold Coast investors.
Bsct Holdings Pty Ltd, purchased the five-tenancy property, at 2223 Gold Coast Hwy, in 2006 for $2.6 million.
The company is linked to directors Craig Headland and Shane Paradise, of Mermaid Beach, Anthony Wilson, of Miami, and Ronald Mellers, of Bunya.
Tenants at Burton Place include Mexicali restaurant, BWS, Okazu Sushi Restaurant, T Wilvest Pty Ltd, and Nobby Beach Caravan Park.
The two-level property is situated on a 412sq m block in the popular Nobby Beach retail area.
It returns net income of approximately $248,000, and has a WALE of 4.3 years.
Geoff Lamb and Darrell Irwin, of Colliers International, have launched an auction campaign.
Mr Lamb said the sale represents a “solid gold opportunity” for investors.
“Nobby Beach retail shops have always been tightly-held investments and prime opportunities rarely come to market,” he said.
“In recent years, the rejuvenation of many of the properties has activated this retail strip with bars and dining options. 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 the proposed station would trigger a zoning review and likely increase densities in the area, as had occurred elsewhere.
An auction will be held at 11am on May 15.