Drive into a finger-licking retail investment at Palm Beach, courtesy Savills

A corner site with long-term leases to a drive-thru McDonald’s and a 7-Eleven on the Gold Coast Highway at Palm Beach on the Gold Coast is up for sale through Savills.

The retail property was developed in 2001 and is being offered for sale for the first time, according to a media release.  

The 3,011 sqm corner site is at the traffic light controlled intersection of 19th Avenue, the major east-west intersection at Palm Beach and provides exposure to more than 34,000 passing vehicles daily.

The selling agents are Jon Tyson and Michael Harcourt of Savills.

Tyson said both McDonald’s and 7-Eleven have fully occupied the site since it was first developed and are secured on long-term net leases with fixed annual rental increases.

“This is a premium retail investment opportunity with outstanding exposure that is 100% leased to dual national anchor tenants,” said Tyson.

Palm Beach is located on the southern Gold Coast, nearly 14 km south of Surfers Paradise.

The site also has potential for future development, said Harcourt.

“The site is zoned Medium Density Residential under the Gold Coast City Council Plan, which allows for future development up to 29 metres in height.”

The expressions of interest campaign closes on September 14.