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2961 Surfers Paradise Boulevard Surfers Paradise QLD 4217

NO INSPECTIONS SCHEDULED
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24 9 8
REDUCED $4,290,000 Negotiable

Rare opportunity to purchase 8 units and a managers unit with potential for 8.33% gross return and $370,000 p.a. income!

2961 Surfers Paradise Boulevard, Surfers Paradise
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 manager’s 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 $300 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 $370 per week until 20/09/2019
Unit 7 - Second floor Unit - 3BR, 1ba unit - Currently leased with permanent tenant at $350 per week until 30/07/2019
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 $153,920 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* x 8 = $10,960 p.a. approx
Gold Coast City Water Rates: $474* x 8 = $3,788 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
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Inspection Times

Key Features

  • Balcony
  • Broadband
  • Built-in Wardrobes
  • Pool (In Ground)
Land
832 m²
Last updated 09:50AM on Aug 21st 2019
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19 Karloo Street
Chevron Island QLD, 4217

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19 Karloo Street
Chevron Island QLD, 4217
More property from Smart Real Estate
3028 The Boulevard901/5 Enderley Avenue1412/2 Aqua Street134/40 Cotlew Street East36 Paddington Drive111 Alison Road