Retail Centre With Mixed Use Development Upside

We are proud to present for sale Riviera Plaza - a newly renovated and fully leased trophy asset in one of the Gold Coast's most prestigious suburbs.

|What|
• Underpinned by 14m* development upside allowing multi-storey mixed use development.
• Fully leased to established tenants, underpinned by Roy's by Gemelli, one of 5 Italian restaurants in South-East Queensland by the famed Gemelli's Group
• Supported by a complementary tenancy mix including The Pastry Emporium, Bar Leo and Allied Health tenants
• Modern 622sqm building together with a freestanding 17sqm* dog wash
• Strong 6.46 Year WALE (By Income)
• Fully Leased Net Income of $398,635 + GST p.a.

|Where|
• Irreplaceable 2,258sqm* Neighbourhood Centre zoned island site with three-street frontage in the heart of Sorrento
• Just 3km* from Surfers Paradise and Broadbeach, providing outstanding connectivity to some of the Gold Coast's major hubs
• Sorrento is one of the Gold Coast's most prized and affluent suburbs, with a per capita income 42% greater than the Queensland benchmark.

|Why|
• Long term underlying value with the development potential for residential and medical on top of the ground floor retail offering in a highly sought after residential precinct
• Future income growth potential with Gemelli's & Bar Leo paying 8% turnover rent, potential development of an additional tenancy, and rental reversions
• All tenants on fixed 3% & 4% rental increases, enabling passive income growth
• The 2022 renovation provides strong depreciation benefits and a low maintenance asset for the incoming purchaser
• Proven tenancy mix with long standing tenants at Riviera Plaza, and underpinned by one of South-East Queensland's most popular restaurant groups, with 5 locations
• Providing absolute convenience with on-site parking together with substantial street parking.

Explore the area

View in Google Maps

Find out how much home loan repayments will be

It’s important to understand repayment amounts before you apply for a home loan. A Loan Market broker can compare over 100 lenders to find the right loan for you. Use the Loan Market calculator to get a better indication of repayments.

Loan Market Pty Ltd | Australian Credit Licence 390222. All interest rates stated must include "p.a." and the relevant Comparison Rate in full.