Last Night on Earth: Southport building of popular nightspot and bar to be auctioned
The future of the home of a much-loved Southport nightspot will be decided this week amid surging interest in CBD property. FIND OUT MORE
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The home of much-loved Southport nightspot Last Night on Earth will be auctioned on Wednesday amid surging interest in CBD property.
The 133 sqm building, on the corner of Nerang and Davenport streets, has been the home of the venue, formerly known as Not Tonight, for more than a decade.
However, don’t expect it to be going anywhere, with the bar holding a lease until 2028, with an option to extend until 2033.
It will be auctioned by Ray White Gold Coast’s Jackson Rameau and Josh Cameron.
Mr Cameron said there was a strong appetite from investors and developers in the CBD ahead of a new masterplan for Southport.
“(The market is) quite competitive and we’ve seen stock levels remain tight, particularly for quality freehold assets which is reflected in the strong results we’re seeing,” he said.
“We’ve seen a great response, with 62 inquiries so far, with most of the interest coming from local investors, including some who already own properties nearby and recognise the area’s value.
“The location is a big drawcard (because) it’s right on the edge of Chinatown, just a short walk to the Gold Coast light rail and Australia Fair Shopping Centre.
“The property’s high-exposure corner position and established long-term tenant also add to its appeal, giving buyers confidence in its stability and visibility.”
The site offers its buyer an annual net income of $86,528.
It comes just weeks after Southport’s historic Cecil Hotel, which dates back to 1908 and sits in the same complex, sold for $14.25m on the third attempt to sell it since 2020.
It was offloaded by its long-time owners, Surfers Paradise resident Greg Ryall and Adelaide-based Paul Smith, to retail property giant Charter Hall. That deal was also brokered by Ray White Gold Coast.
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Originally published as Last Night on Earth: Southport building of popular nightspot and bar to be auctioned
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