Bidding war for historic Les Bubbles building
A historic Fortitude Valley property was sold at recent auction where eight registered bidders competed for the Les Bubbles building.
Located at 144 Wickham Terrace bidding for the property doubled the starting bid of $800,000.
After 50 bids the property sold for $1.63 million to a Queensland investor.
The site of the once notorious Bubbles Bath-House, illegal casino and massage parlour at the centre of the Fitzgerald Inquiry is fully tenanted over two leases.
Both leases have five years remaining on them and the building contains the Les Bubbles restaurant, as sell as a bar in the basement level and massage therapy on the upper level.
Set on 238 sqm the property came with a net leasable area of 543 sqm over three levels.
The property currently has a $91,246.87 p.a. return and the yield on the holding is 5.6 per cent.
