The latest research from Gold Coast Cityscope shows property sale figures have nearly doubled in the past three months. Sales recorded in the three months to late March 2018 recorded 52 sales for a total of $118.9 million. Of this, $14.2 million was for commercial, $6.2 million was for commercial strata, $8 million was for retail, $15.5 million was for retail strata and $75 million was for other.
In comparison, the three months to late March 2017 recorded 47 sales for a total of $68.5 million. Of this, $25.5 million was for commercial, $23.7 million was for commercial strata, $7.9 million was for retail, $4.6 million was for retail strata and $6.8 million was for other.
The latest data raises the 12 month total to over $464.2 million, over $27 million more than the previous 12 month period.
The table below shows sales recorded for the past eight updates of Gold Coast Cityscope.
The most significant sales recorded this quarter together totalled over $65 million.
- Seabank Centre(GC13.12) on Marine Parade in Southport and the adjoining Seabank Lane Car Park(GC13.9) were sold for $34.05 million to STRADA Office Fund. The sale was negotiated by Dan McVay and Sam McVay of McVay Real Estate, under instructions from the receivers and managers. Seabank Centre is a 12-storey office building with 8,547 sqm of office space. The two properties were last sold together for $40 million in late 2016.
- Robina Storage Centre(GC69.1), 177 Scottsdale Drive, Robina has been sold for $21.6 million to the National Storage REIT. National Storage REIT (NSR) is an independent, internally managed owner and operator of self-storage centres; it is listed on the Australian Securities Exchange.
- The 3,130 sqm of retail space at Pavilions Palm Beach(GC34.14A.2) has been bought for $10.075 by CVS Lane Capital Partners Pty Ltd as trustee for CVS Lane Palm Beach Retail Trust. Jonathan O’Brien, Joe Tynan and Michael Hedger of CBRE negotiated the sale which represented an initial yield of 6.14% on a passing income of $618,235 (net).
Properties currently listed for sale include:
- Unit 19, Reflection Tower Two, 110 Marine Parade, Coolangatta – a 110 sqm retail unit fronting Griffith Street. Scheduled for auction on March 28, 2018; agents, Burgess Rawson Brisbane (Glenn Conridge) and Melbourne (Scott Meighan). The unit was advertised with net income of $68,866 pa.
- 3298 Surfers Paradise Boulevard, Surfers Paradise – a 1,097 sqm, two-storey retail building. For sale by expressions of interest, closing by April 26, 2018; agent, First National Real Estate Surfers Paradise (Russell Rollington and Bob Rollington).
- 64 Ferny Avenue, Surfers Paradise – a nine-storey office building with a ground floor cafe. For sale with an asking price of $15 million; agent, Savills Gold Coast (Doug Garvie).
Properties currently under contract (conditionally or unconditionally) include:
- Unit 2 and Unit 3, Brooklyn Apartments, 190 Varsity Parade, Varsity Lakes - two retail units (106 sqm and 53 sqm) on the ground floor. Under contract with settlement expected Q3; agent, Knight Frank Gold Coast (Tania Moore and Lizzie Wheeler).
- 1 Promethean Way, Robina – two separate vacant blocks of land (subdivision pending) totalling 5,069 sqm. Under contract; agent, Colliers International Gold Coast (Darrell Irwin and Geoff Lamb).
- 1 Paddington Place, Robina – a 13,940 sqm vacant piece of land. Under conditional contract; agent, Colliers International Gold Coast (Darrell Irwin and James Crawford).
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope. Subscribe to the free Commercial Pulse eNewsletter Get the latest commercial news and sales data each week from our CoreLogic Commercial Pulse! Click here to subscribe