Surfers Paradise Hooters site sold for $2 million

The Hooters restaurant chain outlet in Surfers paradise has sold to a local investor for $2 million on a yield of around 7.5 percent.

The property, Lot 11 2893-2903 Gold Coast Highway, has a 10 and 5 and 5 year lease and generates net rental income of approximately $156,825 per annum with 4 percent annual increases on gross income.

Steven King of Ray White Commercial Gold Coast said six registered bidders made up the audience, with a late bidder entering the fray after we had paused at $1.75 million and offering a successful bid of $2 million.

“Hooters is situated in a high profile iconic location between Broadbeach and Surfers Paradise fronting the Gold Coast Highway and the light rail network,” he said.