Gold Coast petrol station sold for $8,975,000

A Gold Coast United Labrador petrol station has been sold for $8,975,000 to a private investor.

Located six kilometres north of Surfers Paradise, the station is 225 square metres with a canopy area and four numbers bowers with 28 pumps, capable of servicing eight vehicles at a time

There is a total of 446 square metres of gross lettable area.

The sale realises a full leased initial yield of 5.12 percent.

Built in 2016, the property also contains 284 square metres of sub-leased tenancies.

JLL’s Doug Rapson and Campbell Bowers from Retail Investments managed the offer to market and auction.

Rapson said the sale pointed to an upturn in the strength and demand of the Gold Coast market.

“As the Gold Coast continues to transition from a seasonal tourism destination, to a mature diversified city, the demand for public and private investment into residential, commercial and infrastructure projects will increase,” he said.

“We strongly believe that the Gold Coast will continue to outperform the broader QLD economy for the foreseeable future and that major institutional investment will continue to gain momentum.”