4 Panitz Street Bundall QLD 4217

We are proud to present for sale Riviera Plaza - a newly renovated and fully leased trophy asset in one of the Gold Coast's most prestigious suburbs.

|What|
• Underpinned by 14m* development upside allowing multi-storey mixed use development.
• Fully leased to established tenants, underpinned by Roy's by Gemelli, one of 5 Italian restaurants in South-East Queensland by the famed Gemelli's Group
• Supported by a complementary tenancy mix including The Pastry Emporium, Bar Leo and Allied Health tenants
• Modern 622sqm building together with a freestanding 17sqm* dog wash
• Strong 6.46 Year WALE (By Income)
• Fully Leased Net Income of $398,635 + GST p.a.

|Where|
• Irreplaceable 2,258sqm* Neighbourhood Centre zoned island site with three-street frontage in the heart of Sorrento
• Just 3km* from Surfers Paradise and Broadbeach, providing outstanding connectivity to some of the Gold Coast's major hubs
• Sorrento is one of the Gold Coast's most prized and affluent suburbs, with a per capita income 42% greater than the Queensland benchmark.

|Why|
• Long term underlying value with the development potential for residential and medical on top of the ground floor retail offering in a highly sought after residential precinct
• Future income growth potential with Gemelli's & Bar Leo paying 8% turnover rent, potential development of an additional tenancy, and rental reversions
• All tenants on fixed 3% & 4% rental increases, enabling passive income growth
• The 2022 renovation provides strong depreciation benefits and a low maintenance asset for the incoming purchaser
• Proven tenancy mix with long standing tenants at Riviera Plaza, and underpinned by one of South-East Queensland's most popular restaurant groups, with 5 locations
• Providing absolute convenience with on-site parking together with substantial street parking.