Blue-chip Tedder Avenue asset to sell with development upside in Main Beach
The redevelopment of the heart of Main Beach on the Gold Coast looks set to continue with one of the streets best trophy assets hitting the market.
Listed for the first in nearly a decade is eight of the 10 lots in Main Beach Plaza, at 20-22 Tedder Avenue, which are being sold under the hammer by Harcourts Coast Commercial Directors Jared Johnson and Lachlan Marshall.
The property has already generated strong interest from investors and developers.
Johnson said that an opportunity on Tedder Avenue like this comes once in a generation.
“Tedder Avenue has historically been regarded as one of the most tightly held, affluent retail catchments on the Gold Coast," Johnson said.
"Main Beach is booming, currently benefitting from a high-density collection of luxury residential developments. The property has substantial rental, repositioning, and obvious future development upside.”
The multi tenanted asset is 100 per cent leased and generates over $535,000 per year from 10 tenants.
The iconic Shuck restaurant, which is on the southern corner of the 1012sqm plaza site, has occupied the premises for 23 years.
Other restaurant tenants include, Senza Noma, Main Beach Fish Grotto and Thyme. The first-floor office tenants incudes the Drew Group, which is currently developing twin-tower Main Beach project Lagoon over on Cronin Avenue.
The auction will take place March 13.
