Investors sure to get bang for their buck at brothel auction
TWEED'S most notorious brothel once run by bankrupt entrepreneur Ken Lacey will go to auction on April 3.
The well known Chinderah sex pad at 31-33 Morton St is vacant
It comprises a 568 sqm two level building which has current approval for a 24 hour brothel and was formerly Lacey's Club Lace Bordello.
Ray White Commercial Coolangatta / Tweed Heads commercial sales and leasing representative Sam said it was a property with character and history.
"This was a high class brothel which the former milk magnate Ken Lacey had originally purchased as an inheritance for his sons Jade and Dionne, who are presently serving prison sentences for a number of offences," he said.
"Ken has withdrawn from the sex industry and the property will be sold vacant.
"The property certainly has a colourful history as a previous owner of the brothel Victor Elliott was gunned down there in a contract killing in 2000."
Mr Johnson said the brothel had recently undergone a complete refurbishment and investors would see a good return.
"It includes five bedrooms, a kitchen, laundry and office on the ground floor while the first floor has a large entertainment area with another kitchen and private function rooms," he said.
The total land area of the property is 4,093 sqm and there's potential gross rental income of $180,000 per annum.
"The property also includes two large 200 sqm warehouses with an attached 85 sqm office," he said.
"There's an additional 2000 sqm of hardstand with approval for 19 industrial units."
The DA for the industrial units lapsed in January but Mr Johnson said the plans were all still there and it wouldn't take much to get the re-approved.
A lot of people have been interested in the brothel both from interstate and in the area.
There's no word if Mr Lacey will be at the auction which is being help at Currumbin RSL, Currumbin Creek Rd, Currumbin, from 6.30pm (Qld) on April 3.