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.