Offshore buyer nabs restaurant

4/5-19 Palm Ave in Surfers Paradise sold for $1.75m. It was bought for $680,000 in 2017.

A SINGAPORE investor has snapped up a vacant restaurant property at the base of the Crown Towers Resort in Surfers Paradise for $1.075m.

The deceased estate sale of 4/5-19 Palm Ave was negotiated by sales agent Brandon Johnson and director Lachlan Marshall of Harcourts Coastal Commercial. The space was home to Buffet Lab before its closure two years ago.

Mr Marshall said the sale was a case of third time’s a charm for the duo as the previous two contracts fell over.

He said the latest buyer signed the contract three weeks ago. It went unconditional on Wednesday.

“The buyer liked how large the space is. It is more than 900sq m which can cater to a lot of patrons,” Mr Marshall said.

“It is also hard to find a restaurant that size in the heart of Surfers.

“It’s really positive that international investors are willing to take a risk on a vacant restaurant. It’s been vacant for two years.”

Mr Marshall said the new owner planned to renovate the 892sq m space before seeking a new tenant.

Features include two outdoor dining areas overlooking the lagoon pool at the resort tower, full commercial kitchen and 37sq m of storage space.

Mr Marshall and co-director Jared Johnson also sold other food-related premises in Burleigh Heads.

The pair negotiated a $1.2m deal for units two, three and four at 16 William Banks Drive.

The premises contain three tenancies spanning 470sq m in total and approved for food factories.

Two are leased and one is vacant. Mr Marshall said the interstate buyer was in the meat-processing sector and planned to lease part of the premises and use another section for his business.

He said the campaign drew 30 inquiries, the majority of which from the Gold Coast and some from interstate.

The seller was Konopol Investments Pty Ltd associated Lukas Konopacki, which paid $680,000 for the three units in 2017.