The latest research from Gold Coast Cityscope shows property sale figures significantly decreased in the past three months. Sales recorded in the three months to late September 2018 recorded 45 sales for a total of $276.3 million. Of this, $8.1 million was for commercial, $12.4 million was for commercial strata, $44.5 million was for retail, $98.3 million was for retail strata and $113 million was for other.
In comparison, the three months to late June 2018 recorded 42 sales for a total of $40.5 million. Of this, $700,000 was for commercial, $9.6 million was for commercial strata, $10.2 million was for retail, $6.4 million was for retail strata and $13.6 million was for other.
The latest data raises the 12 month total to over $512.5 million, over $99 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 $225 million.
Watermark Hotel & Spa in Surfers Paradise has been sold for around $100 million (td 19.06.2018) to SB&G Hotel Group. The hotel will be rebranded under the brand Voco in late 2018 and be managed by InterContinental Hotels Group (IHG). Matthew Cheng of M2 Property negotiated the sale.
Surfers Paradise retail precinct, Soul Boardwalk, has been sold, under instructions from the receivers and managers, for $90 million (td 27.06.2018) to the Soul Boardwalk Unit Trust. Matthew Meynell and Stewart Gilchrist of Colliers International Gold Coast negotiated the sale which represented an initial yield of 7.42% on passing income of $6.678 million. Soul Boardwalk has around 40 retail and dining tenancies over around 6,938 sqm.
Easy T Centre stage 1, Easy T Centre stage 2 and Easy T Medical in Robina were bought together for $35.8 million (cd 26.04.2018, td 25.06.2018) by V Avenue Holdings Pty Ltd. The sale represented an initial yield of 7.2% on a passing income of just over $2.57 million (net). Mark Witheriff and James Branch of Knight Frank Gold Coast negotiated the sale together with Michael Hedger and Joe Tynan of CBRE Brisbane.
Properties currently listed for sale include:
- 63 Davenport Street, Southport – a two-storey, 822 sqm office building with basement car parking for 13 vehicles. For sale by expressions of interest, closing October 4, 2018; agent, Cushman & Wakefield Gold Coast (Ed Howard). The property was advertised with a projected net income of $275,000 pa.
- 96A Marine Parade, Southport – a two-storey building with a ground floor restaurant and two, two-bedroom apartments on the upper level. The property includes car parking for 8 vehicles. For sale with offers around $2.9 million being considered; agent, Matrix Global (Robert Sun).
- 31-35 McLean Street, Coolangatta – a single-storey retail building and a car yard. For sale with an asking price of $8.5 million; agent, Towers Francis Property (James Francis and Chris Towers).
Properties currently under contract (conditionally or unconditionally) include:
- 2 Short Street, Southport – a five-level, 2,339 sqm medical building with a ground floor cafe. Under conditional contract; agent, Chesterton International (Shaun Douglas).
- 116 Griffith Street, Coolangatta – a single-storey, 56 sqm shop which is leased until March 2019. Under contract unconditionally for $400,000; agent, Towers Francis Property (James Francis and Chris Towers).
- Unit 3, Moroccan, 7-11 Elkhorn Avenue, Surfers Paradise – a 114 sqm shop fronting Elkhorn Avenue. Net lettable area, 109 sqm. Under contract unconditionally with a 14-month settlement period expected; agent, Raine & Horne Commercial Gold Coast (David Task).