3/29 Peninsular Drive Surfers Paradise QLD 4217

2-bedroom flat on 216m² lot | flood overlay noted | strong rental yield potential | recent sale at $350k as 1-bedroom | positioned for value-add or hold This property offers a rare configuration advantage: a 2-bedroom unit on a full 216m² lot in Surfers Paradise, which is unusual for a flat and provides genuine scarcity for buyers seeking space without moving to a house. The recent $350k sale as a 1-bedroom suggests the current layout was undervalued, and the corrected 2-bedroom designation could unlock immediate equity. The wide rental range of $810–$1,030 per week, with a mid-point of $920, supports strong cash flow for an investor or a cost-effective owner-occupier entry into the suburb. The split-system air conditioning, balcony, and built-in robes are functional, not luxurious, but they meet core tenant or owner expectations without requiring immediate upgrades. This property best serves a buyer looking for a high-yield rental hold or a first home with room to grow, given the lot size allows for potential future subdivision or extension subject to council approval. The flood overlay is the primary risk, and it will constrain resale liquidity and insurance costs; buyers should factor a premium on premiums and a longer hold period to ride out market caution. The NBN Fibre to the Curb and 5G coverage are supporting amenities but not decisive for value. The opportunity lies in the lot size: at 216m², this is not a typical apartment footprint, and if zoning permits, a buyer could explore a dual-occupancy or granny flat addition to lift rental income significantly. Alternatively, holding as-is and capturing the yield differential between the $350k purchase and $920/week rent offers a gross yield near 13%, which is exceptional for the Gold Coast. Use this property as a cash-flow core in a portfolio or a long-term land bank in a tightening market.