Commercial sales set the tone for Gold coast commercial property in 2019: Ray White

Two Gold Coast commercial properties have settled for a combined $4 million in a week.

Both properties sold above their reserve.

AMP Ltd paid $2.35 million under the hammer for a 600 sqm retail building at 10 Harvest Court, Southport (pictured above). The price was $300,000 above the reserve. 

The Harvest Court property, which drew 11 bidders, is located next to the Ferry Road Markets precinct and adjacent to a property acquired by AMP two years ago. 

The property has a site area of 1500 sqm with development approval for a three-storey medical-office building. 

The second property, an office-retail holding at 7-8/84 Brisbane Road, Labrador (pictured above), sold to a Gold Coast investor for $1.65 million.

It has a net lettable area of 376sqm with an A-grade tenant on a long-term lease. The sale was struck on a yield of 8.65 per cent. 

Ray White Commercial’s Michael Willems, who negotiated both sales, said the Labrador property drew six registered bidders and was highly sought after. 

“The vendors of both properties were determined to sell at or prior to auction, and we’re pleased to have achieved a very strong result from the campaign,” said Mr Willems. 

Ray White Commercial Gold Coast director Greg Bell said “There’s been a general rise in capital flowing into commercial property nationally, and the Gold Coast is shaping up as a prime target market to capture some of this investment,” said Mr Bell. 

“These auction sales, both of which were well above the reserves set by the vendors, affirm the underlying appeal of the Gold Coast commercial market to both large and small investors.” 

Ray White Commercial is expecting the sales momentum to continue for its upcoming mini-auction next month which will bring eight properties to the market. 

The program is being held from on May 2 at the Gold Coast Turf Club in Bundall.

Properties on the program include: 

· Six prime retail shops at 9-13 Waldron Street, Yarrabilba (pictured above), to be sold as individual lots

· An industrial property at 11-13 Olympic Circuit, Southport (pictured above), on a 2002 sqm site

· A site tenanted by Mitre 10 at 9 Stewart Road, Currumbin Waters.