Beachfront Coolangatta shops sell for $1.45 million
A retail investment opportunity on Coolangatta’s famous beachfront on the Gold Coast has changed hands for $1.45 million on a yield of 7.1 percent.
The property at 14 & 15/120 Marine Parade, Coolangatta, was sold to Caamii Pty Ltd.
The deal was brokered by Dru Morgan of Ray White Commercial on behalf of a private owner.
Morgan said the two shops - a seafood outlet and a newsagency - are located on the ground floor of the 4.5-star luxury Reflections Towers at Coolangatta.
“Both tenancies are on long term leases,” he said.
Morgan said the two tenanted strata shops (nearly 84 sqm) were returning a net rental income of nearly $103,000 per annum.
“This property offered a unique retail investment opportunity as there are no other beachfront retail spaces on the market in Coolangatta,” he said.
