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Surfers Paradise retail icon sells for $22 million

Surfers Paradise retail icon sells for $22 million

 

 

 

  • Iconic mixed retail/commercial building, Piazza on the Boulevard, Surfers Paradise has been sold for $22 million by Raine & Horne Commercial Gold Coast
  • It offers 8,900 square metres of lettable retail and commercial space
  • When fully tenanted, it’s expected that the complex will produce an annual nett return of approximately $2.551 million

 

Surfers Paradise, Queensland (6 June 2017) – The Surfers Paradise commercial landmark, Piazza on the Boulevard, has been sold to a local investor for $22 million, according to selling agent Michael Parisi, Director, Raine & Horne Commercial Gold Coast.

 

“We sold the complex for Sydney-based Balmain Group, who is acting on behalf of owner Goldman Sachs in New York,” said Mr Parisi.

 

Located in the heart of Surfers Paradise, Piazza on the Boulevard is a two-level building with frontages to Surfers Paradise Boulevard and Elkhorn Avenue. The centre is a short stroll to the famous Surfers Paradise Beach and the entertainment hub, Cavill Mall. It also conveniently located adjacent to the G:link, the new light rail system that serves the Gold Coast.

 

“Piazza on the Boulevard offers 8,900 square metres of lettable retail and commercial space and it currently boasts a mix of takeaway food outlets, restaurants, a medical centre, a pharmacy, dental surgery and pathology firm,” said Mr Parisi.

 

“The property has some vacancies, so there is significant potential for retailers and commercial firms, and we are in negotiations with some interested parties seeking to move into the complex,” said Mr Parisi.

 

Piazza on the Boulevard was originally built in 1984 and underwent a refurbishment in 1999, which included a new awning and the establishment of an additional entrance on the ground floor. A $2 million upgrade of the shopping arcade was completed in 2002.

 

“There are 28 ground floor retail tenancies with a combined area of 4,480 square metres, while the upper level is used primarily for office space. The property comes with 420 car spaces, which are available to tenants and the general public,” said Mr Parisi.

 

For further media information contact:

Michael Parisi, Director, Raine & Horne Commercial Gold Coast on 0411 274 425

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