Stunning QLD waterside restaurant fetches $2.1m

A Gold Coast restaurant and bar with some of the region’s most stunning waterside aspects has sold for more than $2 million after intense interest during its sale campaign.

The Coomera Property that is home to the Coomera Waters Tavern and Shannon’s Steak and Seafood Restaurant sold for $2.1 million, having been put on the market for the first time since it was built in 2006.

Positioned on the Coomera River and opposite the local marina, the two-level building attracted heavy buyer interest, with six parties making a play for the picturesque site.

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Ray White Commercial Gold Coast’s Jared Johnson, who market the property at 23 Harbour Village Parade with colleague Lachlan Marshall, says the tenant’s reputation was a major factor in the success of the sale.

“The property had very strong interest from investors because of the high profile nature of the tenant and the quality of the architecture and construction of the building itself,” Johnson says.

The Coomera Waters Tavern and Shannon’s Steak and Seafood are both tenants at the Coomera hotspot.

That was despite the Tavern operator’s lease expiring next year – though there are options to 2039 – while Shannon’s Steak and Seafood Restaurant is leased until 2022.

With a net lettable area of 534sqm, the property also includes two marina visitor berths, as well as a gaming room with five pokie machines.

The businesses deliver a combined rental return of $182,000 plus GST per annum