Riviera Plaza, 4 Panitz Street, Bundall, QLD, 4217

Ray White Commercial QLD 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.

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