The latest research from Gold Coast Cityscope shows property sale numbers and figures have remained generally steady in the past three months. Sales recorded in the three months to mid-June 2019 recorded 38 sales for a total of $192.2 million. Of this, $23.1 million was for commercial, $36.7 million was for commercial strata, $500,000 was for retail, $4.2 million was for retail strata and $127.8 million was for other.
In comparison, the three months to mid-March 2019 recorded 46 sales for a total of $215.5 million. Of this, $7.8 million was for commercial, $12.5 million was for commercial strata, $142 million was for retail, $10.6 million was for retail strata and $42.7 million was for other.
The latest data raises the 12-month total to over $706.6 million, over $263.9 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 $141.6 million.
The 169-room Hilton Surfers Paradise Hotel and two units (Lot 10101 SP207542 and Lot 21607 SP214302) have been sold by the Ji Feng Trust for $60 million (td 01.05.2019) to Laudet Pty Limited, a company ultimately owned by Sydney-based Jerry Schwartz. Dan McVay and Sam McVay of McVay Real Estate negotiated the sale. The Hilton Hotel was opened in September 2011 and last sold for $44 million in 2015.
The site of the paused Spirit development at 3 Trickett Street in Surfers Paradise has been on sold for $56.5 million (td 16.05.2019) to Trickett Street Unit Trust. Construction of the foundation and six basement levels was completed in mid-2018 but construction paused soon after. The development was proposed to include 3,374 sqm of retail space over the ground and levels 2 to 3 and 479 one, two and three-bedroom apartments above (863 beds).
Lakeside 1, a five-storey commercial building in Varsity Lakes, and units 1101 and unit 1102 in Lakeside 2, a three-storey commercial building, have been purchased together for $25.1 million (td 01.04.2019) by Varsity Investment Fund, an investment fund managed by Argus Property Partners. Argus Property Partners is an independent property fund manager which advises in high quality real estate investment opportunities on behalf of a range of wholesale investors.
Properties currently listed for sale include:
- 9 Seabank Lane, Southport – OBM House, a three-storey office building completed in 2006. The property includes ground floor car parking and two levels of offices above. For sale by offers to purchase, closing July 17, 2019; agent, @realty (James Young and Adam Young).
- 86 Bundall Road, Bundall – a two-storey, 2017 sqm showroom and office building to the front and a 90 sqm warehouse to the rear. For sale by offers to purchase, closing July 31, 2019; agent, Colliers International Gold Coast (Steven King and Marlon Crawford).
- 10 Strathaird Road, Bundall – an L-shaped, 1,044 sqm warehouse/office building with onsite car parking for 16 vehicles. Scheduled for auction on June 28,2019; agent, RE/MAX Transact (Tom Smith and Kristoffer Sonter). The property was advertised with a net income of $200,744 per annum.
Properties currently under contract (conditionally or unconditionally) include:
- The Coolangatta Sands Hotel, 8 McLean Street, Coolangatta – a two-storey building with a bar and restaurant on the ground floor and a backpacker’s hostel upstairs. Under contract; agent, HTL Property (Glenn Price, Dan Dragicevich and Andrew Jolliffe).
- Unit 6, CityPods, 247 Scottsdale Drive, Robina – a two-level, 284 sqm commercial unit. Under conditional contract; agent, Cushman & Wakefield Gold Coast (Ed Howard).
- Unit 11, Gallery Vie, 220 Varsity Parade, Varsity Lakes – a 72 sqm ground floor commercial unit; agent, Lacey West Commercial Real Estate (James Borbidge, Josh Cruden and Tony West).