PALM BEACH SITE SELLS AT AUCTION

A FULLY-leased Palm Beach property has sold under the hammer for $4.89 million.

The 1097-1099 Gold Coast Highway property was offloaded by Grant and Melanie Ritchie, who acquired the site for $1.177 million in 2012.

Tenants of the property, which returns net annual income of $337,356, include popular watering hole Lester & Earl. The two-level building, which occupies a 724sq m block, was marketed by Darren Jones and Michael Willems of Ray White Commercial Gold Coast.