This article is from the Australian Property Journal archive
THE Merrimac Tavern on the Gold Coast has sold under the hammer to a private investor following a hotly contested auction, for $4.55 million on a yield of 7.6%.
Ray White Commercial’s Michael Willems handled the sale of the 10-16 Merrilaine Crescent Merrimac property.
Willems said there were 12 registered bidders at the in-room auction at the Gold Coast Turf Club and there was spirited bidding for the asset.
Set on a land area of approximately 3,548 sqm, the Merrimac Tavern is leased until 2026 with 2 + 10 year options, along with two additional tenants, Counter Cafe and Eatery and Big Fella’s Pizza.
“The asset represented a fantastic opportunity to purchase a significant landholding with three well-known tenants. With a net income of $347,629, 10-16 Merrilaine Crescent is secured by three strong leases,” he added.
“This property attracted considerable interest as it offered an outstanding opportunity to secure a significant strategic investment on a well-located block with multiple tenants and extensive frontage to Gooding Drive.
“The Gold Coast has all the right economic drivers for continued growth including massive infrastructure investment, record apartment activity and population growth. New jobs are being created from the light rail, the casino redevelopment and the $670 million expansion of Pacific Fair shopping centre.” Willems said.
Australian Property Journal
