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 2017 recorded 59 sales for a total of $73.9 million. Of this, $13.2 million was for commercial, $10.9 million was for commercial strata, $27.5 million was for retail, $14.9 million was for retail strata and $7.4 million was for other.   In comparison, the three months to late December 2016 recorded 41 sales for a total of $60 million. Of this, $19.2 million was for commercial, $11.4 million was for commercial strata, $10.1 million was for retail, $3.7 million was for retail strata and $15.6 million was for other.

The latest data raises the 12 month total to over $433.3 million, over $246.1 million lower 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 $33 million.

  • 3179-3181, 3183, 3185, 3187, 3189 and 3191-3195 Surfers Paradise Boulevard, Surfers Paradise – a strip of single-storey shops and a two-storey office/retail building. V Avenue Holdings Pty Ltd purchased the properties over six separate transactions for a total of $16.915 million (cd 11.11.2016, td 02.02.2017). Combined the sales represented an initial yield of 6.50% on passing income of $1,099,475 (net). Mark Witheriff of Knight Frank Gold Coast negotiated the sale; agent, Knight Frank Gold Coast.
  • Sykes Building, 183 Varsity Parade, Varsity Lakes – a two-storey office building completed in late 2001. The property includes car parking for around 110 vehicles. Clarence Property Corporation’s Westlawn Property Trust purchased the building in early 2017 for $11.8 million. Mark Witheriff of Knight Frank Gold Coast negotiated the sale.
  • 74-76 High Street and 78-80, Southport. Two vacant car showrooms. The showrooms were sold at auction on March 16, 2017 for $5.125 million. Michael Willems of Ray White Commercial Gold Coast negotiated the sale.

Gold Coast Cityscope Quarterly Sales

 

Properties currently listed for sale include:

  • 41 Mclean Street, Coolangatta – a single-storey, 200 sqm shop with a large car park. Scheduled for auction on April 12, 2017; agent, Ray White Commercial GC South (Dru Morgan and Brad Duncalfe).
  • 73 Nerang Street, Southport – an 896 sqm, two-storey office building with a yard to the rear for car parking, accessed via Olive Avenue. For sale by expressions of interest, closing March 24, 2017; agent, Professionals – Vertullo Real Estate (Pat Cotty).
  • 36-38 Commerce Drive, Robina – a single-storey, 350 sqm retail building with associated car parking. For sale by expressions of interest, closing April 6, 2017; agent, CBRE Gold Coast (Lachlan Harris and Mason Kidman).

Properties currently under contract (conditionally or unconditionally) include:

  • Courthouse Hotel, 51 Nerang Street, Southport – a two-storey hotel (closed since 2015), formerly known as the Queen’s Hotel; built in 1885. Under contract unconditionally with settlement expected mid-2017; agent, Colliers International Gold Coast (James Crawford and Steve Clark).
  • 3 Carey Lane, Southport – a single-storey child care centre. Under contract unconditionally; agent, Savills Gold Coast (Robert Dunne and Kevin Carmody).
  • 91 Upton Street, Bundall – Bell Legal Group House, a five-storey building with four levels of offices above ground floor and basement car parking. Under contract unconditionally with settlement extended to April 2017; agent, Ray White Commercial Gold Coast (Michael Willems and Thomas Clark).

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 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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