2961 Surfers Paradise Blvd, Surfers Paradise
TOTAL SITE AREA 832 sqm
This signature building offers a rare opportunity in the heart of Surfers Paradise to buy 8 separate strata title units and a managers unit in the one parcel.
The building is located on the east side (Beach Side) of Surfers Paradise Blvd which runs from Surfers Paradise to Broadbeach. The sunny beaches that make Surfers Paradise famous are only 1 block away and a 2-minute stroll by foot.
The light rail station is only steps away.
Currently a strata titled apartment complex of 8 apartments for letting, deriving an annual income of around $140,000* approx with permanent tenants in place with little to no work involved.
The building consists of the following makeup:
Unit 1- First floor Unit – 3BR, 1ba unit – Currently leased with permanent tenant at $400 per week until 06/12/2019
Unit 2 – First floor Unit – 3BR, 1ba unit – Currently leased with permanent tenant at $400 per week until 13/12/2019
Unit 3 – First floor Unit – 2BR, 1ba unit – Currently leased with permanent tenant at $370 per week until 13/02/2020
Unit 4 – First floor Unit – 3BR, 1ba unit – Currently leased with permanent tenant at $400 per week on periodic lease (month to month) Lease expired 31/05/2016
Unit 5 – Second floor Unit – 3BR, 1ba unit – Currently leased with permanent tenant at $400 per week until 05/06/2020
Unit 6 – Second floor Unit – 3BR, 1ba unit – Currently leased with permanent tenant at $400 per week until 25/03/2020
Unit 7 – Second floor Unit – 3BR, 1ba unit – Currently leased with permanent tenant at $400 per week until 28/01/2020
Unit 8 – Second floor Unit – 2BR, 1ba unit – Currently leased with permanent tenant at $370 per week until 12/06/2020
Unit 9 – Ground floor Managers Unit – 2BR, 1ba unit – Currently leased with permanent care taker
Currently generating $158,080 p.a in permanent gross rental income per year.
8 tandem car spaces undeath on the ground floor and 9th car space for tenants to joint use for storing of bicycles.
This building used to be run as a backpacker building in times past and was achieving approx $375,000* in gross income per annum with an owner operator running the business.
Gold Coast City Council Rates: $1,370 p.h.y* x 2 x 8 units = $21,924* p.a. approx
Gold Coast City Water Rates: $474 p.q* x 4 quarters x 8 units = $15,168* p.a. approx
Body Corp Insurance: $7,042* p.a.
Currently Tenanted with permanent tenants
Gross ROI: 8.33% (assuming $375,000* p.a. rent and PP of $4,500,000)
There is also an opportunity to develop the site also down the track, if you so chose to do that also.
The Main site has been the subject of a pre-lodgement meeting with Gold Coast City Council for a 30 storey apartment/hotel development application which was met with general consensus by local government. The sites allow for unlimited height restriction but 30 levels is Code Assessable whilst higher would be Impact Assessable.
The location sits at the Broadbeach end of Surfers Paradise and has light rail at its’ doorstep and is conveniently proximate to Surfers Paradise Centre, Surfers Beachfront, Broadbeach, Jupiter’s Casino, The Gold Coast Convention Centre & Pacific Fair to name a few.
Excellent holding income and suitability for a high rise development or run as a going concern for an owner occupier and deliver a gross 8.3% return by way of Private Treaty Campaign.
PLEASE CONTACT AGENTS FOR FURTHER INFORMATION OR TO OBTAIN EXPRESSION OF INTEREST DOCUMENTATION TO SUBMIT YOUR INTEREST
For further information or to arrange an inspection please contact Brad Scott or Wayne Haase.
We have in preparing this information used our best endeavours to ensure that the information contained herein is true and accurate, but accept no responsibility and disclaim all liability in respect of any errors, omissions, inaccuracies or misstatements that may occur. Prospective purchasers should make their own enquiries to verify the information contained herein.
* denotes approximate measurements