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 June 2020 recorded 34 sales for a total of $136 million. Of this, $4.2 million was for commercial, $8.4 million was for commercial strata, $49.8 million was for retail, $64.1 million was for retail strata and $15.8 million was for other.
In comparison, the three months to March 2020 recorded 28 sales for a total of $49.7 million. Of this, $900,000 was for commercial, $4.3 million was for commercial strata, $20 million was for retail, $4.9 million was for retail strata and $19.6 million was for other.
The latest data raises the 12-month total to over $317.4 million, over $389.9 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 $108.6 million.
The retail and commercial portion of the Circle on Cavill development in Surfers Paradise has sold for $61.8 million to Cavill Investment (Australia) Pty Ltd as trustee for the Cavill Unit Trust. Sam Hatcher and Jacob Swan of JLL Brisbane and Dan and Sam McVay of McVay Real Estate negotiated the sale on behalf of the vendor, EG Funds Management. The sale represented an initial yield of 8.82% on passing income of $5,450,760 (n). The retail and commercial portion of the Circle on Cavill features around 8,906 sqm of retail space and 3,680 of commercial space, with around 15 specialty stores, five offices, four mini majors and a 2,832 sqm supermarket facing into the central plaza.
Benowa Gardens Shopping Centre, a single-level shopping centre built in 1992 was bought for $40.1 million IJ Financial Services Limited as trustee for the IJ Commercial Investment Fund. Jon Tyson and Peter Tyson of Savills Brisbane negotiated the sale, which represented an estimated fully leased initial yield of 8.31% on a passing income of $3,331,827 (net). IJ Commercial Investment Fund is managed by IJ Capital. The fund focuses on developing and purchasing real estate properties like shopping malls.
A two-storey office building at 1805 Gold Coast Highway, Burleigh Heads was sold for $6.7 million to Robkel Burleigh Pty Ltd. The office building includes 858 sqm of office space and car parking for 14 vehicles. Occupants include ABA Legal Group and Queensland Corrective Services.
Properties currently listed for sale include:
- 17 Suter Street, Southport – a 375 sqm, two-storey office building with car parking for ten vehicles to the rear. Scheduled for auction on 25 June 2020; agent, Ray White Broadbeach (Adam Grbcic).
- 6 Short Street, Southport – a 907 sqm, two-storey office building, formerly known as MLC House, with basement car parking for 16 vehicles. Scheduled for auction on 2 July 2020; agent, Ray White Commercial Gold Coast (Lachlan Marshall and Jared Johnson).
- Windmill Centre, 130 Scarborough Street, Southport – a two-level, 1,429 sqm office building with frontages to Scarborough Street and Windmill Street. For sale asking $7.5 million; agent, Ray White Broadbeach (Tony Grbcic and Adam Grbcic).The property was advertised with a fully leased net income of $307,179 per annum.
Properties currently under contract (conditionally or unconditionally) include:
- 150 Bundall Road and 6-8 Holden Place – One50 Public House, a two-storey tavern and associated car parking. Under contract; agents, Colliers International Gold Coast (Steven King & James Holland) and HTL Property (Glenn Price & Brent McCarthy).
- 11 Hicks Street, Southport – a 153 sqm, single-storey house with a lower ground level, refurbished in early 1998 for commercial use. Under contract; agent, Savills Gold Coast (James Stevenson).
- 34-36 Glenferrie Drive - a 3,828 sqm piece of land (part of the site). Under contract, subject to conditions. Agents, Tania Moore and Mark Witheriff of CBRE Gold Coast (formerly at Knight Frank Gold Coast) and Chris O’Driscoll of Colliers International Gold Coast.