BEACHFRONT FREEHOLD INVESTMENT

This iconic beachfront commercial freehold property was offered for sale for the first time in almost 30 years. Home to the very popular Elephant Rock Cafe restaurant and bar, this 502m2* site includes the two storey restaurant building plus the original 2 bedroom beach cottage. All this is located right on Currumbin Beach, one of the Gold Coast’s most famous beaches.

The property was taken to auction by Greg Watson from Ray White Commercial GC South and was sold under the hammer on a walk-in
walk-out basis, inclusive of the restaurant business.

The process attracted a lot of local interest that had not been noticed or serviced prior. The high profile location allowed for high signage exposure however it was the expert marketing campaign behind the scene that drove the competition.The campaign attracted in excess of over 63 enquiries, from these enquiries 4 offers were submitted prior to contract with the property settling in-rooms for $3,500,000.

 

Sale Analysis
Sale Price:$3.5 million
Sale Date:7 June 2018
Site Area:502m2
Rate/m2:$6,.972
Cafe (both levels):240m2
2 level dwelling:100m2
External day store:15m2
Gross floor area:355m2
Vendor:Penwood Pty Ltd
Purchaser:John Fuglsang Developers Pty Ltd