The latest research from Gold Coast Cityscope shows property sale figures have decreased in the past three months. Sales recorded in the three months to late September 2016 recorded 53 sales for a total of $99.8 million. Of this, $34.2 million was for commercial, $12.2 million was for commercial strata, $22.8 million was for retail, $5.4 million was for retail strata and $25.3 million was for other.
In comparison, the three months to late June 2016 recorded 56 sales for a total of $199.7 million. Of this, $6.9 million was for commercial, $12.9 million was for commercial strata, $8.5 million was for retail, $15.2 million was for retail strata and $156.3 million was for other. The latest data raises the 12 month total to over $735.1 million, over $159.5 million higher than the previous 12 month period.
The table below shows sales recorded for the past eight updates of Gold Coast Cityscope:
The three most significant sales recorded this quarter together totalled over $38.6 million.
- Campus Alpha, 11 Campus Crescent, Robina, 3-storey medical and office building, was bought for $26.225 million by Australian Unity Healthcare Property Trust. The property includes basement and a-grade car parking.
- 3143 Surfers Paradise Boulevard, Surfers Paradise, a single-storey, high ceiling building, was sold for $7 million to Sixteenth Lafite Pty Ltd. Rudi Scutti of Raine & Horne Commercial Gold Coast (who later moved to CBRE Gold Coast) negotiated the sale.
- 25 Scarborough Street, Southport, a part one and two-storey bank building, was sold at auction for $5.42 million to Kanvan Holdings Pty Ltd as trustee for The Rajkri Family Trust. Steven King of Ray White Commercial Gold Coast negotiated the sale, which represented an initial yield of 6.85% on a passing income of $371,500 (net). The building is leased to Westpac until July 2020.
Properties currently listed for sale include:
- Piazza on the Boulevard, Surfers Paradise – a four-level retail building. For sale by expressions of interest, closing October 20, 2016; agent, CBRE (Jonathan O’Brien and Scott Gray-Spencer)
- Suite 203, 50 Marine Parade, Southport – a 327 sqm office, including a 70 sqm balcony. Scheduled for auction on October 12, 2016; agent, Colliers International Gold Coast (James Crawford). The property was advertised with an estimated fully leased income of $81,259 pa net.
- 1-9 Scarborough Street, Southport – a 6,706 sqm vacant block of land. For sale by expressions of interest, closing October 17, 2016; agent, CBRE (Mason Kidman and Lachlan Harris).
Properties currently under contract (conditionally or unconditionally) include:
- 91 Upton Street, Bundall – Bell Legal Group House, four levels of offices above ground floor and basement level car parking. Under conditional contract; agent, Ray White Commercial Gold Coast (Michael Willems).
- The Pavilions Palm Beach retail, management and letting rights of Pavilions Palm Beach and the adjoining development site. Under conditional contract; agent, CBRE (Jonathan O’Brien, Joe Tynan and Michael Hedger).
- 1 Bellvue Drive, Varsity Lakes – RP1 Building, a three-storey, split-level office building. Under contract; agent, CBRE Gold Coast (Jonathan O’Brien and Brad Duncalfe).