Aqua Front Restaurant premises in Labrador on Gold Coast sell prior to auction for $1.02M

OWNERS of a popular Gold Coast restaurant have cashed in on the premises, selling it two days prior to auction for more than $1 million.

RESTAURATEURS Nick and Rodica Bahlas have sold their Labrador premises – which house the popular Aqua Front Restaurant – for $1.02 million.

The pair have owned the property, located in the dining precinct at the base of the 20-storey Aqua apartment building, since 2003 when they paid $1.21 million for the asset.

The premises, which includes 110sq m of internal and 75sq m of alfresco space, sold on a 10 per cent yield with a new five-year lease in place with a five-year option.

The property returns net annual income of $103,500 to the owner.

The Aqua Front Restaurant premises at 6/300 Marine Pde, Labrador, have sold.

Ray White Commercial Gold Coast’s Steven King said the property sold two days prior to auction to a Gold Coast investor.

He said Mr and Mrs Bahlas sold the restaurant premises to free up cash for other investment opportunities.

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The pair will continue to run Aqua Front.