Surfers Paradise cop shop sells for $5.4m
A Gold Coast commercial building anchored by the Surfers Paradise Police Station has sold at auction for $5.4 million.
The property, which has been home to the local branch of the Queensland Police Service since 2007, sits at the heart of the Surfers Paradise entertainment precinct and will continue to house the police until at least 2022.
The strata lots at 89-93 The Esplanade attracted auction action from five bidders, before a private investor snared the property on a solid 7% yield.
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Ray White Commercial agent Steven King marketed the property, which attracts annual rent of more than $380,000, and says potential buyers were attracted by the police’s presence in the building.
“The Surfers Paradise Police Station is a rare, State Government-tenanted long-term investment opportunity in the heart of the Surfers Paradise entertainment precinct, fronting Orchid Ave,” King says.
There is an extensive additional underground basement area and exclusive use courtyard
“The Queensland Police Service has been a tenant since June, 2007, and recently renewed a five-year lease,”
“We received considerable interest in this fantastic, tenanted investment opportunity during the marketing campaign and are very excited by the result.”
King says the building is also enhanced by its underground basement area and the exclusive use of an adjoining courtyard.
“There is an extensive additional underground basement area and exclusive use courtyard.”