Commercial Market Update – Gold Coast Cityscope

The latest research from Gold Coast Cityscope shows property sale figures have significantly decreased in the past three months, but sale numbers have remained generally consistent. Sales recorded in the three months to June 2015 recorded 43 sales for a total of $86.3 million. Of this, $55 million was for commercial, $7.9 million was for commercial strata, $8.6 million was for retail, $5.6 million was for retail strata and $9.1 million was for other.

In comparison, the three months to March 2015 recorded 46 sales for a total of $235.8 million. Of this, $12.3 million was for commercial, $4.9 million was for commercial strata, $127 million was for retail, $18.6 million was for retail strata and $73 million was for other.

The latest data raises the 12 month total to over $471.6 million; more than double the previous 12 month period.

The table below shows sales recorded for the past eight updates of Gold Coast Cityscope:

Gold Coast Cityscope Quarterly Sales

 

The most significant sales recorded this quarter together totalled over $58 million.

  • Foxtel Building(formerly Austar Building), a six-level commercial building with a total of 268 car parking spaces on the ground (111 car parks) and basement levels (157 car parks); built 2001. Bought for $46 million by Centuria Metropolitan REIT. Christian Sandstrom and Seb Turnbull from JLL sold the property in conjunction with Mark Witheriff, Justin Bond and Ben McGrath of Knight Frank. The sale represented an initial yield of 8% on a passing net income of $3.68 million and a cap rate of 7.8%.
  • Trust House, 3074 Surfers Paradise Boulevard, Surfers Paradise. A four-storey office/retail building. Sold at auction on June 18, 2015 for $4.35 million. Michael Willems and Steven King of Ray White Commercial Gold Coast negotiated the sale, which was a court ordered trustee sale.
  • 16 Griffith Street to 22 Griffith Street, Coolangatta. A single-storey shop and a two-storey building with three ground floor shops and upper level residential space. Both buildings sold separately to Jack & Miriam Freeman and Freda & Hiro Pamamull for $3.95 million each .

Properties currently listed for sale include:

  • Karingal Place, 40 Griffith Street, Coolangatta – a two-storey, 368 sqm, retail/office building. For sale by expressions of interest, closing July 8, 2015; agent, Alpha Property Network (Neil Johnson). The property was advertised with an annual income of around $130,000.
  • Unit 30205, Southport Central Red Tower, 27 Garden Street, Southport – a 159 sqm unit on level 2. Scheduled for auction on July 9, 2015; agents, Ray White Commercial Southport (Wayne Devenport) and Ray White Commercial Gold Coast (Brad Merkur).
  • Granton House, 36 Nerang Street, Southport – a two-storey retail/office building. Scheduled for auction on July 9, 2015; agent, Ray White Commercial Southport (Martin Trautmann and Wayne Devenport).

Properties currently under contract (conditionally or unconditionally) include:

  • 10 Energy Circuit, Robina – a warehouse and associated car parking, tenanted by Bounce Inc. Under contract following an expressions of interest campaign which closed October 30, 2014; agent, Wright Property (Josh Wright and Corey Bolt). The property was advertised with a return of $534,200 per annum net.
  • 3 Trickett Street, Surfers Paradise – the former Iluka site, now a 3,494 sqm vacant site. Under contract unconditionally for around $65 million to interests associated with Forise Holdings Group; agent, Canford Property Group (Roland Evans).
  • Commerce House, 113 Scarborough Street, Southport – a 2-storey, strata titled commercial/retail building. Under contract unconditionally with settlement expected June 29, 2015; agent, Hoad Commercial (Elizabeth Hoad).

Gold Coast Cityscope Quarterly Sales graph

CoreLogic RP Data Commercial


Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic RP Data products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.


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About Commercial Research

CoreLogic RP Data Commercial Cityscope is a web-based service. Access is sold by geographic regions (Cityscope areas). There are 25 geographic regions across Australia (three in New Zealand), clustered around the cities of Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and Newcastle. Darwin and Hobart CBD centres aren’t covered. Cityscope Areas in NSW and QLD also include lease expiry data for the most complete commercial coverage available. For more information call 1300 734 318.

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