Sin City Building Sold for $5.2 Million
The freehold that is home to popular Gold Coast nightclub Sin City has been sold by Ray White Commercial Gold Coast for $5.2 million.
The building rented by Sin City at 57/22 Orchid Avenue, Surfers Paradise, was sold post auction to a Melbourne-based investor by Michael Willems of Ray White Commercial Gold Coast.
The property was offered for sale by Gold Coast businessman Jamie Pickering and Mr Willems said the marketing campaign attracted more than 50 enquiries.
“There was incredible interest in this tremendous investment opportunity and we had five registered bidders at the auction,” Michael Willems said.
‘The premises have been used as a nightclub since 1980 and Sin City has leased the property for the last 12 years.
“It is the busiest nightclub in the heart of the Surfers Paradise tourist strip.
“The building offered an outstanding investment opportunity as it returns net rental income of approximately $568,700 per annum,” he said.
“Sin City’s owners recently secured a new 10 year lease on the building with two five year options.”
Michael Willems said the building offered a net lettable area of 580 sqm and the site offered potential redevelopment opportunities (STCA).