Gold Coast commercial building fetches $2.3 million at auction

A tenanted commercial building in Mermaid Beach on the Gold Coast has sold at auction by Ray White Commercial for $2.31 million.

The freehold property at 43 Alfred Street was sold to a private investor for a yield of 7.14 per cent.

The Alfred St commercial building has a site area of nearly 407 sqm and is tenanted by a café, a real estate agency and a hair salon.

The selling agent was Ray White’s Steven King. 

The property generates net rental income of nearly $165,000 per annum. 

“There was strong interest in this two-level refurbished building which is fully leased to three quality, long term tenants,” King said.

“The property has exposure to Gold Coast Highway north bound traffic and is opposite a very popular retail-convenience centre.”