News

Hoppy’s Carwash puts a shine on $4.55M deal

A GOLD COAST Hoppy’s Carwash with links to a sporting legend and the Frizelle Sunshine Automotive Group CEO has sold for $4,550,000 at 92 Ferry Road in Southport.

The asset, that came with a 1,607sq m* land area and 204sq m* floor area, was sold via an off-market campaign.

The property was successfully sold by Ray White Commercial Broadbeach Sales Consultants Ryan Langham and Thomas Clark.

Mr Langham said the commercial market continued to see strong interest on well-positioned assets with good leases.

“This well-known brand was an outstanding opportunity and offered a triple net lease worth $260,000 p.a. over 10 years with a three per cent annual increase,” he said.

“Enquiry rates are up 10 per cent from this time last year and we’re finding it challenging to provide for investors’ appetite to acquire well-positioned assets.

“With demand outstripping supply, and record low interest rates, we believe we’ll continue to see an increase in buyer activity moving forward.

“The buyer is a local investor who recently sold his property near Brisbane to acquire a well-positioned asset closer to his home on the coast.

“It’s a prime corner site with massive exposure 23,000* plus vehicles daily and the tenant pays all outgoings as per the lease, including land tax and management fees.”

*Approximately.