Commercial Market Update – Gold Coast Cityscope

The latest research from Gold Coast Cityscope shows property sale figures have increased in the past three months. Sales recorded in the three months to March 2016 recorded 35 sales for a total of $216.3 million. Of this, $76.2 million was for commercial, $3.7 million was for commercial strata, $13.7 million was for retail, $11.4 million was for retail strata and $111.2 million was for other. In comparison, the three months to December 2015 recorded 57 sales for a total of $207.5 million. Of this, $88.3 million was for commercial, $10.9 million was for commercial strata, $10.3 million was for retail, $18 million was for retail strata and $80 million was for other.

The latest data raises the 12 month total to over $667.6 million, over $164 million higher than 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 three most significant sales recorded this quarter together totalled over $158 million.

  • 3 Tricket Street, Surfers Paradise. A 3,494 sqm vacant block of land, which formerly housed Iluka Beach Resort. Iluka Beach Resort was demolished in late 2013. The vacant land sold under instructions from the mortgagee for $65 million to Forise Investment Australia Pty Ltd, as trustee for the Forise Property Trust. Roland Evans of Canford Property Group negotiated the sale.
  • Fifty Cavill Avenue, Surfers Paradise. A 22 storey office building, currently being refurbished. The office building was sold under instructions from the mortgagee for $48.75 million by GDI Property Trust. Mason Kidman, Lachlan Harris, Jonathan O’Brien of CBRE negotiated the sale with Roland Evans of Canford Property Group. The sale represented an initial yield of 5.28% on a passing income of over $2.57 million (net).
  • 2 Lake Street, Varsity Lakes. A three storey medical centre, completed in mid-2013. Impact Funds Management Pty Ltd, as trustee for the IIG GC Healthcare Trust, bought the property for $44,.2 million, plus a $1.5 million lease incentive, for a total acquisition cost of $45.79 million , which represents an initial yield of 7.06% on a passing income of around $3.12 million (net).

Properties currently listed for sale include:

  • 253 Scottsdale Drive, Robina – a petrol station, convenience store and takeaway food centre which was completed in 2014. Scheduled for auction on April 6, 2016; agent, Burgess Rawson (Michael Collins and Jamie Perlinger). The property was advertised with an annual rental of $458,750 (as at July 2016).
  • 91 Upton Street, Bundall – Bell Legal Group House, a five level office building. For sale by tender, closing April 14, 2016; agent, Ray White Commercial Gold Coast (Michael Willems). The property was advertised with a potential net income of around $338,742.41 per annum (fully leased).
  • 36 Laver Drive, Robina – a four storey office building, formerly Coral Homes Building. For sale and for lease; agent, CBRE Gold Coast (Mason Kidman and Nick Selbie).

Gold Coast Cityscope Quarterly Sales graph

Properties currently under contract (conditionally or unconditionally) include:

  • 1039 -1043 Gold Coast Highway, Palm Beach – two vacant blocks of land (610 sqm and a 1,049 sqm). Under contract with settlement expected in June 2016; agent, Colliers International Gold Coast (Darrell Irwin and Geoff Lamb).
  • Unit 16, Kingfisher Centre, 13 Karp Court, Bundall – a 171 sqm first floor commercial unit. Under contract post-auction; agent, Ray White Commercial Gold Coast (David Djurovitch).
  • Unit 7, Evandale Place, 142 Bundall Road, Bundall – a 63 sqm first floor commercial unit. An auction scheduled for February 19, 2016 was cancelled. Under conditional contract; agent, Chateaux Commercial (Anthony Elek).

Commercial Research


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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