The latest research from Gold Coast Cityscope shows property sale figures have remained steady over the past three months. Sales recorded in the three months to mid-March 2020 recorded 28 sales for a total of $49.8 million. Of this, $900,000 was for commercial, $4.4 million was for commercial strata, $20 million was for retail, $4.9 million was for retail strata and $19.6 million was for other.
In comparison, the three months to mid-December 2019 recorded 36 sales for a total of $42.2 million. Of this, $21.1 million was for commercial, $6.4 million was for commercial strata, $1.1 million was for retail, $11.9 million was for retail strata and $1.7 million was for other.
The latest data raises the 12-month total to over $374.3 million, over $181.2 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 $20.17 million.
A two-level Woolworths Supermarket at 15 Park Avenue, Burleigh has been purchased for $8.325 million by Valtari Holdings Pty Ltd. Cameron Baker of CBRE Gold Coast sold the property in conjunction with Justin Downers and Joseph Du Rieu of CBRE Melbourne and Michael Hedger of CBRE Brisbane. The sale represented an initial yield of 4.86% on a passing income of $405,000 net. The supermarket was purpose-built for Woolworths in 2014 and has a gross floor area of 731 sqm and 20 associated car parks.
Abacus Property Group has sold their three-storey, split-level office building at 1 Bellvue Drive, Varsity Lakes was sold for $6.75 million to interests associated with Cornerstone Building Developments. Abacus purchased 3,764 sqm building in 2007 for $11 million; it includes car parking for around 96 vehicles.
A high-clearance warehouse at 51 Upton Street, Bundall was purchased for $5.1 million by Rumbella Pty Ltd. Steven King of Colliers International Gold Coast negotiated the sale, which represented an initial yield of 5.88% on a passing income of $300,000 net. The 1,144 sqm high-clearance warehouse includes an office on the ground floor and a lunchroom and boardroom on the mezzanine level above; construction was completed in mid-2019.
Properties currently listed for sale include:
- 6 Short Street, Southport – a two-storey, 821 sqm office building with basement car parking for 16 vehicles. Scheduled for auction 9 April 2020; agent, Ray White Commercial Gold Coast (Ryan Langham). The property was advertised with a potential net return ranging between $287,350 to $320,190 per annum.
- 13-17 Upton Street, Bundall – a large, single-storey plus mezzanine showroom building to the street front and a smaller single-storey building to the rear. Together they have a combined area of 5,281 sqm. Total building area, 5,281 sqm. For sale by expressions of interest; agent, Burgess Rawson Brisbane (Jamie Dewe) and Sydney (Darren Beehag). The property was advertised with a net income of $1,327,277 per annum.
- 24-26 Griffith Street, Coolangatta – a single-storey, 360 sqm building tenanted by two banks. For sale with an asking price of $3.85 million; agent, Colliers International Gold Coast (James Crawford). The property was advertised with a net income of $248,409 per annum.
Properties currently under contract (conditionally or unconditionally) include:
- 8-10 Windmill Street, Southport – a 1,650 sqm, two-storey warehouse/office building with undercover car parking for 25 vehicles. Under contract; agent, Qld Commercial and Residential (Steve Maher).
- Benowa Gardens Shopping Centre - a single-level, 5,841 sqm shopping centre with 384 associated car parks. Under contract; agent, Savills Gold Coast (Jon Tyson and Peter Tyson).
- 27 Griffith Street, Coolangatta – a two-storey, 295 sqm retail and office building to the corner of Griffith Street and Dutton Street. Under contract; agent, DJ Stringer Commercial (Peter Antony).