Classic Motel, 2429 Gold Coast Highway, Mermaid Beach, QLD 4218

Development Potential
Beachside Motel with Development Upside

Tony Grbcic and Adam Grbcic from Kollosche Commercial, are proud to present to the market a freehold Motel with development opportunity in the tightly held Mermaid Beach precinct on the Gold Coast. Known as the 'Classic Motel', the property is located at 2429 Gold Coast Highway, Mermaid Beach.

Positioned on a double corner block totalling 817m2* with frontage to William Street and the Gold Coast Highway.

Improved with a well maintained and well-presented 3 star motel and currently leased by the 'Classic Motel' for a 3 year term, the property offers a strong holding income for investors whilst providing demolition & termination clause for developers.

Strategically located as both a motel and future development site with proximity to all major amenities and services. Features include:

- A 817m2* high profile corner site with frontage to the Gold Coast Highway & access from William Street;

- Located immediately on the Stage 3 light rail (currently under construction), with a station proposed within 400m of the property;

- Improvements comprise a well maintained and presented 3 star motel which is leased by an operator trading as the 'Classic Motel';

- Special Condition within the lease allowing the purchaser to terminate the lease with 3 months' notice from settlement (should this be desired);

- Net Rent $109,476* p.a (including GST) + Outgoings

- Currently on a 3-year lease (expiring in March 2023)

- Zoned Medium Density Residential & 15m (3 Storey) height allowance;

- Walking distance to the beach, 5 minutes* drive to The Star Casino and Pacific Fair Shopping Centre .

Freehold properties on the Gold Coast Highway rarely come available. With the current growth in the Mermaid Beach Precinct coupled with the benefit of the next Light Rail Stage passing this property in the coming years. This property provides both a strong holding income and future redevelopment opportunity.

Disclaimer: It should be noted that this property is being sold by auction, therefore due to REIQ legislation a price guide isn't available. The website possibly filtered this property into a price range for functionality purposes. Any estimates on this page are not provided by the agent and should not be taken as a price guide.

Whilst every effort has been made to ensure the accuracy of these, no warranty is given by the vendor or the agent as to their accuracy. Interested parties should not rely on these as representations of fact but must instead satisfy themselves by inspection or otherwise.

Remember to mention you found this property on DevelopmentReady.com.au

Auction In-Rooms, Wednesday 15 December at 6pm
Property Area
817 m² (*approx)
Property Type
Commercial, Residential, Apartment Sites, Other, Apartment Sites, Other
Development Potential
Zoned Medium Density Residential & 15m (3 Storey) height allowance (STCA)

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Classic Motel, 2429 Gold Coast Highway, Mermaid Beach, QLD 4218

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