Escarpment Retreat & Day Spa on Tamborine Mountain in Gold Coast Hinterland to whet appetite of investors

A Tamborine Mountain resort approved for six additional villas has been put on the market just six years after it last sold. READ THE FULL STORY HERE

• SMEs to cushion Gold Coast office market from COVID-19 downturn
• Gold Coast lease manager predicts ‘real pain’ for landlords and tenants

The latest in commercial property news from the Gold Coast.

‘NO IMPACT’ FROM COVID ON TAMBORINE RESORT UP FOR SALE

INTERNATIONAL and interstate buyers will be targeted in the sale campaign for a Tamborine Mountain resort approved for six additional villas.

Adam Grbcic and Tony Grbcic, of Kollosche, have been engaged to market the Escarpment Retreat & Day Spa at 123 Alpine Tce in an expressions-of-interest campaign closing on November 4.

The seller is Ayzo Holdings Pty Ltd, linked to Wang Dishangshu, which acquired the idyllic 2.2ha rainforest property for $1.52m in 2014.

Adam Grbcic said the resort business run from the property, which includes six units spread across three villas and a three-bedroom house, has proven resilient during COVID-19.

He said turnover was more than $500,000 per year.

Escarpment Retreat & Day Spa at 123 Alpine Terrace, Tamborine Mountain.

“It has not had an impact at all over this period because their clientele is mostly from southeast Queensland,” he said.

“There are so many weddings held on Mt Tamborine so people are always looking for accommodation.”

Adam Grbcic said resorts and wedding venues on Tamborine Mountain were in demand, pointing towards the sale of Pethers Rainforest property and two nearby kiwifruit properties for $12m earlier this year.

That deal was done with Taiwanese investors.

Adam Grbcic said Asian, interstate and southeast Queensland buyers would be targeted during the campaign.

Escarpment Retreat & Day Spa at 123 Alpine Terrace, Tamborine Mountain.

“The buyer will come from the Asian market looking for a business opportunity or an interstate buyer looking for a lifestyle change or investors looking to diversify their asset base,” he said.

The property comes with development approval to add an additional six villas, providing an upside to the investment.

Adam Grbcic said the current owner had not tapped into the wedding market, which could also provide an opportunity for a new owner.

“Corporate functions are another area where expansion is possible,” he said.

Features of the property include a day spa, private cinema and ‘treehouse’ common room in the main building containing the reception, lounge and dining area.

The manager’s residence is also in the main building. Room rates start from $245 per night.

Escarpment has won a number of awards since it was established including being named int the Tripadvisor Top 10 Retreats in the South Pacific.

SERVICE STATIONS THE ‘TOP ASSET CLASS’

SERVICE station and fast food sites on the Gold Coast are coming into their own as one of the resilient asset classes during COVID-19, a top valuer says.

CBRE Gold Coast property valuer Paige Sherwood said there was a “flight to quality” from a broad range of investors seeking acquisitions they could “set and forget”.

“A lot of doctors and high-net worth investors who have not historically looked for something like service stations are being very active in this market,” she said. “They can leave these assets alone and not deal with them on a day-to-day basis.

112 Gooding Drive, Merrimac sold for $7.8 million.

“Generally they have 10 to 15-year leases with multiple options, so you can kind of sit there with the same tenant with an easy-to-manage asset in comparison to other asset classes where you can have a lot of tenant turnover.”

Recent deals include a Merrimac property leased to United Petroleum that sold for $7.8m, and Hans Torv buying a 7/11 service centre in Carrara for $7.9m.

Ms Sherwood said service stations were avoided in the past by investors looking for development sites because of problems with contamination.

However, tenants were now responsible for cleaning the sites before handing them over to the owner.

“At the end you have a clean site that is generally well located and can be used for other things once the service station is gone,” she said.

“In the past no one wanted a site that was a service station.”

$1M FERRY ROAD MARKETS DEAL

A GOLD Coast investor has snapped up a vacant unit behind Ferry Rd Markets for $1 million.

Lot 14 Pty Ltd, linked to Robin Holt, has bought 14/19 Brolga Ave in the Brickworks Annex.

The 313sq m property was formerly home to a taekwondo gym.

Retired cosmetic surgeon Dr Paul Downie was the seller.

Marketing agent Russell Rollington, of First National Surfers Paradise, said the new owner plans on using part of the space as an office and leasing the rest of the unit.

INDUSTRIAL SITE SOLD ‘SIGHT UNSEEN’

A VICTORIAN buyer has bought an industrial property in Southport sight unseen. The 7 Alicia St property, which is zoned light industry commercial, was sold by Teshdale Pty Ltd and Dordogne Investments Pty Ltd, both linked to Neil Anderson. Jackson Rameau and Michael Willems of Ray White Commercial Gold Coast negotiated the deal at around $635k.

7 Alicia St, Southport

SOUTHPORT CBD SALE FOR $1.34M

A GOLD Coast finance business has bought a two-level office building in the Southport CBD for $1.34m.

The vacant property at 17 Suter St was formerly home to Tursa Employment & Training, which has relocated to 72 Nerang St. Adam Grbcic and Tony Grbcic of Kollosche struck the deal on behalf of owners Alphonsus and Pauline Lohuis, who had held the asset since 1997. Adam Grbcic said they received strong inquiry for the three to four months the property was for sale.

17 Suter St, Southport

He said the new owner plans on refurbishing the building and occupying the space. Property features include 10 car parks and a building with a net lettable area of 375sq m, including 13 offices and a boardroom.

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