The Potter Group is paying $2.8 million for an ice skating rink two kilometres south west of Surfers Paradise with plans for an upscale industrial estate.
At 15 Strathaird Road, Bundall, the 3705 square metre parcel with 42 car parks traded less than a fortnight before an October auction.
Gold Coast Iceland has tenanted the 1792 sqm premises since 1996; it is on a lease expiring in 2024 with a five year option.
Based on the present annual income – $158,000 ex GST and outgoings – the property, with a rink, kiosk and function room is trading on a 5.65 per cent yield.
“In due course” the landlord’s director Zac Potter said, it is intending a $10.5 million redevelopment containing 14 strata titled showrooms and warehouses of varying sizes, all with ancillary offices.
Potter is marketing a similar project about five kms north at 2 Case Street, Southport – units there are priced between $345,000-$720,000 (story continues below).
The Mermaid Beach based group has recently settled on a 2564 sqm holding at 25-27B Margaret St, also in that suburb, with plans to lease it as hardstand while designing a redevelopment.
Last December it spent $3.8m on Billabong’s former Burleigh Heads headquarters.
Outside of the Gold Coast, two months ago Potter offloaded a 4.1 hectare residential development site in Melbourne’s south east Officer to Henley Properties for c$8m.
Harcourts Coastal Commercial’s Lachlan Marshall and Jared Johnson marketed 15 Strathaird Rd.