The latest research from Gold Coast Cityscope shows property sale figures have increased over the past three months. Sales recorded in the three months to December 2020 recorded 41 sales for a total of $95.2 million. Of this, $54.3 million was for commercial, $13.7 million was for commercial strata, $6 million was for retail, $14.9 million was for retail strata and $6.2 million was for other.

In comparison, the three months to September 2020 recorded 19 sales for a total of $59.4 million. Of this, $3.8 million was for commercial, $3.6 million was for commercial strata, $9.3 million was for retail, $1.5 million was for retail strata and $41.2 million was for other.

The latest data raises the 12-month total to over $340.7 million, over $200.4 million less 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 $54.63 million.

Acuity Business Park Building 1 was sold off-market for just over $41.29 million to 209 Robina Pty Ltd as trustee for the 209 Robina Trust. The four-storey building comprises 5,937 sqm of space and was completed in mid-2020; tenants include Metricon, Medrecruit and Intrapac Property. Mike Walsh and Peter Court of Cushman & Wakefield Gold Coast negotiated the sale, which represents an initial yield of 6.5% on passing income of $2,684,303.96.

The entire 1,510 sqm third floor of Eastside Robina, plus a 27 sqm cafe on the ground floor have been purchased for just over $7.234 million by Agroha Dham Pty Ltd as trustee for the KL Eastside Unit Trust. Steven King and Tony Wang Colliers International and Mark Witheriff of CBRE Gold Coast negotiated the sale, which represented an initial yield of 9.75% on a passing income of $705,000 (net).

Eleven units at 38 Cavill Avenue were purchased together for $6.1 million by Cavill Avenue Holdings Pty Ltd as trustee for BM Coast Holdings Trust. Steven King and James Crawford of Colliers International Gold Coast negotiated the sale. The units, comprising lots 1 to 11, were advertised with a net income of $405,155, which represents an initial yield of 6.64% on a passing income of $405,155 (net).

Properties currently listed for sale include:

  • Surfers Paradise Beach Units - six storeys with 16 one and two-bedroom holiday units (6 one-bedroom; 10 two-bedroom) above ground floor parking. Scheduled for auction January 21, 2021; agent, Amir Prestige Property Agents (Matthew Biviano).
  • 21-27 Davenport Street, Southport – a two-storey, 490 sqm retail and office building. For sale with an asking price of $980,000; agent, Raine & Horne Commercial Gold Coast. The property was advertised with a gross income of $118,000.
  • 25 Griffith Street, Coolangatta – a two-storey building with a ground floor retail shop and a three-bedroom, two-bathroom residence upstairs. Building area, 348 sqm. The property includes a swimming pool and two-car garage to the rear. For sale with an asking price of $2.9 million; agent, Tsimos Commercial Real Estate (John Black).

Properties currently under contract (conditionally or unconditionally) include:

  • 1 Paddington Place, Robina, a 4,040 sqm vacant site. Under contract unconditionally with an extended settlement period expected; agent, Colliers International Gold Coast (James Crawford).
  • 6 Short Street, Southport – a two-storey, 811 sqm office building with basement car parking for 16 vehicles. Under contract; agent, Colliers International Gold Coast (Steven King). The property was advertised with a net income of around $99,358 per annum.
  • 44 Thomas Drive, Chevron Island – a two-storey, 281 sqm retail/office building with frontages to Thomas Drive and Karloo Street. Under contract in with settlement expected January 2021; agent, Raine & Horne Commercial Gold Coast (David Task and Michael Parisi). The property was advertised with a fully leased gross income of $172,932.72.