54-year-old Mawarra building in Surfers Paradise on Gold Coast sells to offshore Asian buyer for $7M

ONE of the oldest commercial buildings in Surfers Paradise has sold to an offshore Asian buyer for $7 million.

ONE of the oldest commercial buildings in Surfers Paradise has sold to an offshore Asian buyer for $7 million.

The three-level Mawarra building, which sits on an 809sq m site on the corner of Surfers Paradise Blvd and Appel St and is home to the well-known Nicolinis Italian restaurant, was built in 1964.

It hit the market for the first time in more than 50 years in March after owner Lena Heddle, whose family’s association with the building goes back to the beginning, decided to sell because of a planned move to England.

Ms Heddle’s mother Teruko Sims built Mawarra, which was originally two levels, with her first husband Bob Knapton.

James Stevenson and Kevin Carmody, of Savills Gold Coast, led a successful campaign for the Mawarra building at 3106 Surfers Paradise Blvd. Picture: Jerad Williams

In the late 1970s she remarried to Cliff Sims and added a third level to Mawarra.

Mrs Heddle took over management of the building in 2000. When her mother died in 2005, she inherited a half share, and in 2012 her ­father passed away and she attained full ownership.

Marketing agents Kevin Carmody and James Stevenson, of Savills Gold Coast, declined to comment on the sale which went unconditional two weeks ago, but industry sources said the sale price was circa $7 million.

It is understood the new owner will be looking to retain the existing tenants and offer them long-term leases if required.

SUBSCRIBE TO THE BULLETIN AND GET A FITBIT

The building, which has a net lettable area of 1300sq m, has a 92 per cent occupancy rate. Other tenants include Shiraz restaurant, Bruce Martin Solicitors, Mott International, REQAL International Group, Solid Prospects, Kennedy Marketing/Trew Marketing and FA Luis Philatelic.

Another tenant is the Japanese Society of the Gold Coast.

Mrs Sims was the president for a number of years.

Mawarra returns net annual income of just under $400,000.

This is Mr Carmody and Mr Stevenson’s second major sale to an Asian investor this year.

In July they led a successful campaign for a prime development site in Broadbeach — across the road from Broadbeach State School — which sold for in excess of $10 million.