Investor cuts $7m deal for axe-throwing club
Lumber Punks Gold Coast owner Tyson McMillan. Picture: Jerad Williams
A local investor has scored a $7 million bullseye with the off-market purchase of a prominent Miami site that is home to a popular axe-throwing club and long-standing fruit market.
Harcourts Coastal Commercial agent Brandon Johnson negotiated the sale of the 2,414sq m freehold property across three titles at 44-48 Pacific Ave and 19 Ozone Pde.
The site has been held since 2008 by a Burleigh Heads family, who also run the Pacific Ave Markets.
Property records show it last changed hands for $2m.
Other tenants include Daymaker Espresso and Lumber Punks Gold Coast, an axe-throwing facility that opened on Ozone Pde in 2017 and has hosted celebrities including Aquaman star, Jason Momoa.
Actor Jason Momoa visited while filming in Queensland in 2017
The club rented space on Ozone Pde Picture: Jerad Williams
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But while the buyer remained tight-lipped on plans for the site, demolition clauses attached to each lease suggests the businesses could soon be on the chopping block.
Mr Johnson said the deal was negotiated after the sellers offloaded another of their assets, an Ashmore childcare centre, late last year.
“They are capitalising on the current market demand for commercial assets and moving their equity into other investments where they are not as involved in the business,” Mr Johnson said.
The long-running Pacific Ave Market was operated by the vendors
The site was sold in an off-market deal
Mr Johnson said the site appealed to a range of investors, developers and landbankers due to its location within a small mixed-use commercial precinct on a corner block in Miami, close to the highway as well as Pizzey Park sporting facilities and the beach.
“This was a rare opportunity to acquire a freehold land holding with multiple street frontages and huge exposure in one of the Gold Coast’s most popular beachside suburbs,” he said.
The sale was expected to settle this week, however the buyer’s identity has not been disclosed.
