22/01/2017 7:38 AM AEDT | Updated 22/01/2017 8:50 AM AEDT

Man Shot By Police On The Gold Coast

The victim was rushed to hospital.

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Police are investigating after officers shot a man on the Gold Coast.

A man has been shot by police after reportedly being involved in a dramatic shootout with officers in Surfers Paradise.

The altercation occurred around 1.30am Sunday at a building on corner of Cyprus Avenue and Ferny Avenue as officers responded to a building alarm, police said.

The wounded man was taken to Gold Coast University Hospital for treatment of what police said were "non-life threatening gunshot wounds".

A police officer was also hospitalised after the incident suffering shock, according to the Nine Network.

Nine reports that the shooting occurred when police confronted the man, aged in his 20s, in the basement car park of a residential apartment block.

The man reportedly pulled a gun on the officers and shot at them before the officers returned fire and he was shot.

Police said an investigation into the incident will be overviewed by the Ethical Standards Command.

A media conference on the incident is scheduled for Sunday morning.