This article is from the Australian Property Journal archive
AN oceanfront restaurant in Coolangatta on the Gold Coast has sold for $1.125 million.
The sale price reflected a passing net yield of 8.94%.
The 86sqm hospitality site at 1/82 Marine Parade is home of the popular Bellakai Coolangatta, and is at the foot of the Aries apartment complex.
David Stringer of DJ Stringer property services negotiated the sale.
It was sold with a five-year lease until February 2019, with two five-year options, returning $100,595 per annum net with annual 4% increases.
Australian Property Journal
