Southport backpackers accommodation complex sold for $2.7 million

The resort complex with a $168,000 net income plus GST and outgoings was the highest reported sale at the Ray White auction event on the Gold Coast.

Southport backpackers accommodation complex sold for $2.7 million
Southport backpackers accommodation complex sold for $2.7 million

A three-storey Southport block of backpackers accommodation sold at weekend Gold Coast auction for $2.7 million, reflecting a 6.2 percent gross rental yield

The 44 Queen Street offering (pictured above) had 17 lettable rooms and 70 budget beds often advertised at $58 a night.

It was the highest reported sale at the Ray White auction event on the Gold Coast.

The complex sits on a 939 sqm holding opposite the G:Link Station.

Michael Willems of Ray White Commercial advised the resort complex had a $168,000 net income plus GST and outgoings.

It was initially listed for sale in 2019 and again last year.

The last known sale price was $1.3 million in 2003, according to CoreLogic.

It came with a new lease with the accommodation complex operators Aquarius Gold Coast.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Southport Backpacker Hostel

Comments

Be the first one to comment on this article
What would you like to say about this project?