The latest research from Gold Coast Cityscope shows property sale figures have decreased over the past three months. Sales recorded in the three months to September 2020 recorded 17 sales for a total of $57.6 million. Of this, $2.1 million was for commercial, $3.6 million was for commercial strata, $9.3 million was for retail, $1.4 million was for retail strata and $41.2 million was for other.
In comparison, the three months to June 2020 recorded 34 sales for a total of $136 million. Of this, $4.2 million was for commercial, $8.4 million was for commercial strata, $49.8 million was for retail, $64.1 million was for retail strata and $15.8 million was for other.
The latest data raises the 12-month total to over $286 million, over $262 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 $51.4 million.
Pacific Private Hospital on Nerang Street in Southport sold in March for $40 million to Elanor Healthcare Real Estate Fund. The fund also purchased 55 Little Edward Street, Spring Hill. The Pacific Private Clinic is a seven-level, 7,946 sqm medical building with 225 car parks. Peter Court and Mike Walsh of Cushman & Wakefield Gold Coast negotiated the sale. Elanor Healthcare Real Estate Fund is managed by Elanor Investors Group, an investment and fund management business with a focus on hotels, tourism and leisure, commercial office and retail real estate. The company was established in 2009 and listed on the Australian Securities Exchange in 2014. ENN is a stapled security comprising Elanor Investors Limited and Elanor Investment Fund. Elanor Funds Management Limited is the responsible entity of the Elanor Investment Fund.
Two properties in Burleigh have been sold for $9.3 million to GC Value Five Pty Ltd as trustee for GC Value Five Trust. 13 Connor Street is a 208 sqm single-storey building with two shops and 15-17 Connor Street is a two-storey retail and office building. The upper level, known as Connor Office Suites, was refurbished and converted into office space in mid-2008. The sale, which reflected yield of around 5%, was negotiated by Colliers International’s Steven King and Black & Young Real Estate’s Adam Young.
Granton Constructions Pty Ltd purchased 4 Railway Street in Southport for $2.1 million. Brett Delmege of Delmege Commercial negotiated the sale, which represented an initial yield of 5.35% on a passing income of $115,000 (net). 4 Railway Street comprises a two-storey shop and office building, plus a single-storey house to Figtree Lane.
Properties currently listed for sale include:
- 74 Davenport Street, Southport – a 750 sqm warehouse/workshop with seven car parks to the front. For sale with an asking price of $2.25 million; agent, Corwells (Cody Hart).
- 3 Beach Road, Surfers Paradise – a 769 sqm vacant block. For sale with an asking price of $3.95 million; agent, Cushman & Wakefield Gold Coast (Richard McCouaig and Ed Howard).
- 17 Suter Street, Southport – a 375 sqm, two-storey office building with car parking for ten vehicles to the rear. For sale with an asking price of $1,400,000; agent, Kollosche (Adam Grbcic and Tony Grbcic).
Properties currently under contract (conditionally or unconditionally) include:
- 150 Bundall Road and 6-8 Holden Place – One50 Public House, a two-storey tavern and associated car parking. Under contract unconditionally; agents, Colliers International Gold Coast (Steven King & James Holland) and HTL Property (Glenn Price & Brent McCarthy).
- Nobnel House, 48 Nind Street, Southport – a 554 sqm, two-storey retail and office building. Under contract; agent, Ray White Commercial Gold Coast (Michael Willems and Jackson Rameau).
- Building 1, Acuity Business Park, 209 Robina Town Centre Drive, Robina – a recently completed four-storey office building with 5,937 sqm of space. Under contract for $41.296 million to a private investor; agent, Cushman & Wakefield Gold Coast (Mike Walsh and Peter Court). The sale price reflects an initial yield of 6.5%.