Avanti Commercial are fast becoming experts in the accommodation property sector with the recent appointment to sell ‘White Street Lodge’ in Southport’s White Street.
The listing comes on the back of a string of success, totaling more than $36.25 million in sales for the Avanti Commercial team, led by Lachlan Harris, in the accommodation market since June 2022.
Lachlan said there were a number of factors contributing to the flurry of activity in the sector.
“We are seeing more and more people looking for this type of investment, particularly given the uncertainty around interest rates and building costs,” Lachlan said.
“Property investors are seeking alternative ways to grow their money at the moment and the residential yield is remarkably lower than that of commercial or retail.
“Add to that the rising costs of construction, as well as a housing affordability and rental crisis and these multi-accommodation properties are the ideal investment.”
Avanti Commercial’s spate of accommodation sales began in June 2022 with the sale of ‘Sandy Point Beach Resort’ at 41 Labrador Street in Labrador.
Comprising 43 holiday apartments over 14 levels, the property sits on a 3,181sqm and sold for $24.1 million.
Following a subdivision by the new owner, Lachlan then sold 45 Labrador Street as a 915sqm development ready site in May 2024 for $1,500,000.
In July of this year, the team sold the ‘Capri Country Club’ in Mulwala NSW for $5.15 million. The timeshare property on Lake Mulwala includes 22 units over three storeys and was sold ‘as is where is’ to a discerning local investor looking to redevelop in the future.
The most recent sale was ‘Pacific Palms’ at Elizabeth Beach on the NSW Mid North Coast, which sold last week for circa $7 million unconditionally to a Sydney investor.
Comprising 27 one, two and three bedroom holidays apartments, the 1.1 hectare site has a pending Development Approval for a three lot subdivision and 20 lot strata subdivision.
“Pacific Palms presented a unique opportunity for a patient developer, who is looking to derive income from the existing property while waiting for the ideal time to redevelop and the enquiries we received on the property reflected that,” Lachlan said.
Lachlan said the latest listing for ‘White Street Lodge’ offers a unique investment with future opportunities.
“White Street Lodge is a unique accommodation offering in the heart of Southport, just a short walk to the Broadwater Parklands and within the Gold Coast’s Central Business District,” he said.
The 1,236sqm site features a 37-room boarding house providing a lucrative income stream, with future development opportunities.
For enquiries regarding 26 White Street, buyers should contact Lachlan Harris lharris@theavantigroup.com.au.
