NEW OWNER CHECKS INTO BACKPACKERS
The strength of a string of recent sales provides evidence the trend of tighter yields for properties with secure tenancies is still going strong
A BACKPACKERS resort at Surfers Paradise has sold for $3.9 million for the second time in 18 months.
The Sleeping Inn Backpackers Resort at 26-28 Peninsular Drive was sold by Aonari Pt7 Pty Ltd, linked to Sydney’s John Joannou.
It was previously sold for the same price in 2017 by Citygate International Pty Ltd, which had held it since 2007.
The backpackers, which spans four titles, was marketed by Michael Willems, of Ray White Commercial Gold Coast, as a future development site.
It has net income of $288,000 per annum and is leased by Sleeping Inn until 2028.
The 1016sq m property is walking distance to Surfers Paradise CBD and was sold with a demolition clause in place for future development.
Mr Willems also recently marketed a fully leased industrial warehouse at 11-13 Olympic Circuit in Southport, which sold this month at auction for $1.548 million.
The four units across three lots were sold by Advanced Marketing Technologies Pty Ltd, linked to AV Technology founder Kevin Chatfield.
The fully leased complex returns net rental income of $99,486 per year plus GST and outgoings to the owner.
Mr Willems also marketed 9 Stewart Rd in Currumbin Waters, which sold for $1.725 million and is tenanted by Partners Warehouse.
Ray White Commercial director Greg Bell noted that the strength of the sales maintained the trend of tighter yields for properties with secure tenancies.