Auction thinks big
A MAJOR auction will be held next week in an early test for the strength of the Gold Coast commercial property market this year.
Nineteen properties at the Commercial Event auction, hosted by Ray White Surfers Paradise Group (RWSP), will go under the hammer next Thursday.
RWSP director Greg Bell said interstate inquiries for properties have been particularly strong from Sydney and Melbourne.
“The Gold Coast commercial market is still perceived as good value for these investors with better yields than they can get in their home markets,” Mr Bell said.
“The demand is supported by the overall strength of the Gold Coast economy which is giving buyers more confidence to invest here.
“We’ve had strong buyer interest across most properties. End users are also dominant in the industrial sector with many of them looking for vacant sheds to set up their businesses.”
Two properties have sold prior to the auction including a 107sq m office at Cavill Park in Surfers Paradise.
The vacant office suite, at 19/46 Cavill Ave, was offloaded by Lion Hunter Pty Ltd, linked to Bruce Grady, which bought it for $250,000 in 2004. The property, marketed by David Djurovitch includes reception, boardroom, four offices, and has a northeast aspect.
A warehouse at 19/3-15 Jackman St has gone under contract and is due to settle on Wednesday.
The property, marketed by Brady Pascoe, is in the Southport Trade Centre and includes 230sq m of warehouse space and a 51sq m courtyard.
It was offloaded by Judith and Lindsay Wood, who acquired the unit for $388,999 in 2007. The properties headed to auction include the headquarters of Gold Coast telecommunications company Pivotel at 75 Nerang St.
Pivotel, which recently expanded its operation to the US market, has leased the 1130sq m premises since 2007 and is more than 18 months through a seven-year lease.
The property, which returns annual income of $334,235 plus GST to the owner, is being marketed by Mr Djurovitch, and the seller is Plumar Pty Ltd, linked to Terry Nomarhas.
Jack Boxell is marketing a 516sq m Besser Block warehouse at 9/239 Brisbane Rd.
The property is being divested by David and Sandra Jones, who outlaid $575,000 for it in 2006.
Another property set to go under the hammer is an entire block of eight newlycompleted apartments at 11 Anne St, Southport.
The 802sq m block is being sold by CPW Trailer Sales and Repairs Pty Ltd, linked to Stephen Coe, which acquired the site for $650,000 in 2016.
“It’s rare to find apartment blocks on one title as most are strata-titled,” Mr Djurovitch said. “The big attraction for buyers is that they have control over the entire building without the need for body corporate.”
The Commercial Event is being held from 11am on February 22 at The Dome, Gold Coast Turf Club, in Bundall.