Palm Meadows Resort Apartments Sold at Auction for $3,003,000

15 February, 2016 / Michael Willems

Palm Meadows Resort Apartments Sold at Auction for $3,003,000

Almost 50 serviced apartments in the Mercure Gold Coast Resort at Carrara on the Gold Coast have been sold at auction in a liquidation sale for $3,003,000

The 49 one bedroom apartments in Super Lots 500, 502, 504 and 506 at 64 Palm Meadows Drive, Carrara, were sold by Michael Willems of Ray White Commercial Gold Coast.

Michael Willems said all the lots sold under the hammer during the Ray White Surfers Paradise Group’s annual The Event auction.

“We had a fantastic response to the marketing campaign for this offering with each super lot comprising either 12 or 13 units in the resort,” he said.

“We had 15 registered bidders at the auction. There was some keen bidding from local investors and the super lots sold for between $740,000 and $771,000 for a total sale of $3,003,000. This represented an absolute net yield of more than 11 per cent.”

All units in the resort complex generate significant holding income with the Mercure enjoying a high occupancy rate from conferences, business seminars and holiday makers.

“This was a tremendous opportunity for investors to add a serviced unit lot within the Mercure Gold Coast Resort to their investment property portfolio or superannuation fund,” Michael Willems said.

“Surrounded by Palm Meadows Golf Course, the resort offers a range of services including conference facilities, massage and day spa, a fitness and health centre, Kids club, a restaurant and bar plus two swimming pools.

“The resort is perfectly positioned for business and pleasure, just a 10 minute drive from the Gold Coast beaches and Surfers Paradise. Robina Town Centre, sporting stadiums and theme parks are also located nearby.”