The latest research from Gold Coast Cityscope shows property sale numbers and figures have declined in the past three months. Sales recorded in the three months to mid-September 2019 recorded 26 sales for a total of $89.1 million. Of this, $40 million was for commercial, $5.4 million was for commercial strata, $900,000 was for retail strata and $42.9 million was for other.
In comparison, 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.
The latest data raises the 12-month total to over $547.1 million, over $62.2 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 $53.8 million.
A four-level storage warehouse in Bundall has been purchased by National Storage REIT for $22.9 million. The 10,704 sqm warehouse includes 629 self-storage units, 81 sqm of ancillary office space and 189 sqm of ground floor retail space. The vendor, Bundall Storage Trust, purchased the property in 2017 for $6.8 million. National Storage REIT had a 25% interest in Bundall Storage Trust.
The Arcade at Burleigh, locally known as the Old Burleigh Theatre Arcade, and a single-storey section to the rear (1823 Gold Coast Highway) have been sold together for $18 million. Steven King of Colliers International Gold Coast and Adam Young of Black & Young Commercial negotiated the sale, which represented an initial yield of 3.65% on a passing income of $656,885 (net). The new owners have plans to demolish the arcade and construct a luxury apartment building up to 14 storeys, with a new arcade at its base. Part of the land will be resumed for the planned light rail extension and demolition.
Another site in Burleigh, at 46 Goodwin Terrace, has been sold with approved plans for an eight-storey residential building with 16 units and 63 bedrooms. The original development application was approved in February 2019 and further amendments were approved in May and August 2019. The purchased site housed Roslyn Units (currently being demolished) which was made up of eight units. The eight units were purchased individually by Synergy Norfolk Pty Ltd for a total of $12,900,000.
Properties currently listed for sale include:
- 51 Upton Street, Bundall
A high-clearance warehouse with an office on the ground floor and lunchroom/boardroom on the mezzanine level. The development was only recently completed and is leased to Haymans Electrical for a period of 21-years, including options. Scheduled for auction on October 17, 2019; agent, Colliers International Gold Coast (Steven King). The property was advertised with estimated fully leased income of $300,000 per annum (net).
- Laver Drive Car Park, 1 Waterfront Place, Robina
A 8,401 sqm paved site, used for car parking. For sale by offers to purchase; agent, Colliers International (Steven King and James Holland).
- 17 Strathaird Road, Bundall
A high-clearance warehouse with 756 sqm of office space to the front. Total area, 1,931 sqm. Scheduled for auction on October 2, 2019; agent, Cushman & Wakefield Gold Coast (Josh Wright). The property was advertised with a return of $247,476 per annum.
Properties currently under contract (conditionally or unconditionally) include:
- Unit 2, Sonata, 20 Queensland Avenue, Broadbeach
A 48 sqm retail unit on the ground floor to Surf Parade. Under conditional contract; agent, Colliers International Gold Coast (Ryan Chandler).
- Level 3, 27-29 Crombie Avenue, Bundall
A 305 sqm commercial office. Under contract unconditionally; agent, First National Real Estate Surfers Paradise (Bob Rollington and Rob Rollington).
- Unit 313, Lakehouse Corporate Space, 34-36 Glenferrie Drive, Robina
A 136 sqm unit on the lower ground floor (known as level 1), plus an 88 sqm patio. Under contract with settlement expected in November 2019; agent, Knight Frank Gold Coast (Tania Moore).