Tallebudgera ’Man on the Bike’ shops sell; developer buys at Bilambil; Southport tower site sold
A well-known neighbourhood shopping centre has sold for millions, a tower site in Southport has changed hands and a northern NSW developer is primed to unlock 100 new home sites: LATEST COMMERCIAL PROPERTY NEWS >>>
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A neighbourhood centre known as the “Man on the Bike” shops has a new owner, after a dry cleaning company picked up the local landmark.
Parc Garment Care, directed by Georgette and Alan Davies, paid $6.2 million for the centre, at 7 Trees Rd Tallebudgera.
Tenants of the centre include a Cellarbrations liquor shop, a bakery, pizza restaurant, cafe, hair and beauty, and takeaway food operators.
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A SPAR supermarket is the anchor tenant, taking up a 345 sqm on a lease expiring late
2024.
It was sold by Sullivans Australia, which is directed by Glenda and Michael Sullivan.
LJ Hooker Commercial Palm Beach agent Tara Imlach said the sale of the fully-tenanted facility reflected a 7.09 per cent yield.
“Being on a major linkage road and opposite the Tallebudgera State School, the shopping centre has been a central part of Tallebudgera Valley’s community for several decades,” Ms Imlach said.
“Robina Town Centre is less than 15 minutes away, but the convenience of 7 Trees Road, as a neighbourhood centre where Valley residents can pick up a few grocery items, a meal for dinner or loaf of fresh bread, made it a sought-after asset for investors.”
Investment in neighbourhood shopping centres will remain buoyant over 2021 as interest
rates remain low and consumer habits shift, according to LJ Hooker Commercial’s latest
Retail Market Monitor.
While the end of federal stimulus measures placed a ‘higher-risk’ on regional, subregional, CBD and inner-city suburban strip retail premises, the report found demand would continue for “non-discretionary” centres.
The growth of online spending – although slowing – was still causing operational problems
for businesses in larger shopping centres who had been supported by JobKeeper,
Jobseeker and tenancy protections during COVID-19.
Conversely, when it came to non-discretionary items such as food and medical, the report
said there was a “continued appetite for Australian consumers to shop in store for these
items”.
“Consumers are spending more time in their local neighbourhood post-Covid,” said LJ
Hooker Commercial managing director Mathew Tiller.
“Flexible work arrangements mean many workers are getting their morning coffee at the
neighbourhood centre at the end of their street instead of the foyer cafe at their office.
“They’re picking up a loaf of bread, a medical script and a pre-made meal while they’re at it,
and making it back to their home office for their next Zoom call.”
Mr Tiller said the movement out of capital cities like Sydney and Melbourne post Covid would also have an effect on retail property investment – a positive for syndicates and high net-worth investors targeting regions, and a challenge for institutional investors leveraged in the cities.
Queensland has proved to be a beneficiary of post-Covid times, with interstate migration to
regional and rural areas, underpinning the strength of non-discretionary shopping centres.
Ms Imlach said she’d noticed an increasing number of interstate investors looking at the Gold Coast over the past 12 months.
“The lifestyle and infrastructure growth on the Gold Coast is attracting more and more
people,” she said.
“The money is following the people.”
***
A SOUTHPORT property tagged the little house on the little prairie has sold for $2.4 million after nearly two years on the market.
The property, at 1 Park Lane, off Scarborough St, has been bought by a Melbourne developer.
It first was marketed at $5.5 million.
Neighbours to the property’s three-bedroom house are a grassed vacant multi-tower site, bowling greens and tennis courts.
The home’s 655sqm site is approved for a 25-level building with 66 apartments that would look across the bowling greens and parkland to the Broadwater.
The agent who handled the sale, Ray White Broadbeach Waters principal Mitch Palmer, yesterday said he believed the purchase was the buyer’s first foray into Gold Coast development.
“I gather he plans to use the existing approval, with a few tweaks, to bring the planned tower to life.”
The seller of the property was Brisbane resident Xingzhe Chen, who bought it for $1.5 million in early 2016, becoming only the second owner of it in more than 30 years.
He gained approval in early 2018 for a BDA-designed apartment building.
The northern and western boundaries of his former property abut a 4776sqm site owned by the ASF group.
The listed entity five years ago gained development approval for a $600 million project called the AU, consisting of a golden 66-level super-tower and an adjoining 15-floor building.
Mr Palmer said ASF was not a contender for the Chen property.
***
LAND-hungry property buyers will have a new estate to haggle for after a Northern Rivers developer bought a 16ha parcel just south of the Queensland border.
Clarence Property spent $13.5 million the residential development site at Bilambil Heights, with approvals in place for 100 lots and a community park.
The Bilambil project, located at the corner of Stott Street and Walmesly Road, joins Clarence’s growing portfolio of communities, including the $400 million Casuarina Beach on the Tweed Coast, $300 million Epiq at Lennox Head and $100 million Yamba Quays.
Managing director Peter Fahey said marketing and early construction was expected to start soon.
“The level of demand we are seeing across all of our communities is unprecedented – there’s scarce supply of land and we are receiving multiple offers for lots and achieving record prices as buyers put their best foot forward to avoid missing out,” he said.
“We’ve done our research and our Bilambil community will deliver exactly what purchasers have indicated they are looking for, with lots ranging from 542 sqm through to just over three hectares, with an average size of about 1200 sqm.
“These large homesites will be in a semirural setting, surrounded by bushland with aspects to the coastline, yet still within easy reach of amenities, with Coolangatta beach and associated retail and restaurants just ten minutes away, and three schools within a 20 minute drive.”
JUNE 7:
A SITE spruiked as the next airport hotel, with plans for 98 strata-titled serviced apartments near the Bilinga beachfront, is on the market.
The eight-level Dune Apartments site is currently owned by Kingdom Towers 7, which is in turn held by a large group of investors through Kingdom Developments, which bought it for $2.3 million in June 2018.
The 1348 sqm double block site is across the Gold Coast Highway from the airport and currently home to an ageing house and an apartment block.
Agent Dave Eller, of Kingdom Residences, said the site had piqued the interest of several developers, who were looking at changing the development approval from short-term back to long-term accommodation.
“Mainly that’s because of what’s going on in the area in terms of the market and the prices,” he said.
“It is super well located right near the airport.
“That Bilinga area is one that has lagged behind the rest of the Gold Coast for a period of time but it’s really coming into its own – it’s near so many amazing Gold Coast beaches.”
Mr Eller said the site could house around 60 residential apartments using the existing design, subject to council approval.
***
A MIXED-USE fixer-upper in Miami’s industrial precinct has sold for the first time in 32 years.
Ray White Industrial Gold Coast sales and leasing consultant Hudson Kaddatz said a local buyer had bought the site at 8 Hillcrest Pde, just off the Gold Coast Highway, prior to auction for $1.25 million.
The property is a freestanding 297sqm warehouse with hardstand area which includes a small, air conditioned, office.
Property records show it was last bought by Patrick De Silva for $220,000 in 1989.
It was due to go to auction on June 10.
“The Gold Coast has experienced exponential growth throughout the COVID-19 pandemic, and when assets like these hit the market, there’s real competition,” Mr Kaddatz said.
“Demand is outstripping the supply of property at the moment, and as we’ve seen with this asset, buyers are wanting things done and dusted before auction day even arrives.
“The local buyer actually intends on carrying out some renovation work and then use the space as a mancave – another trend we’ve seen in recent times as people look to have their own personal space away from the home.
“Known for its beautiful beach and laid-back lifestyle, Miami is a beachside suburb close to the hustle and bustle of the Gold Coast, while not getting too caught up in it.”
***
DEVELOPER John Potter and a partner have put a Palm Beach property bought as the site for possible National Disability Insurance Scheme apartments on the market, less than three months after buying it.
Mr Potter and Margaret Howard, wife of developer Mark Howard, secured the site for $1.44 million in March via company Potter Howard.
The 549sqm holding is at 1079 Gold Coast Highway and backs on to beachfront street Jefferson Lane.
Mr Potter yesterday said the NDIS idea had been shelved and property was being sold to free capital for other opportunities.
“If it doesn’t sell, we’ll look at an apartment project — many of the apartments would have beach views.”
Mr Potter in March sold a Mermaid Waters site which had been earmarked for five NDIS-approved apartments.
He bought the 270 Rio Vista Blvd site for $740,000 last year and sold it to Luban Homes for $1.33 million.
The Palm Beach site is being marketed by Jared Johnson and Lachlan Marshall, of Harcourts Commercial, and is to be auctioned on June 12.
***
A GOLD Coast shopping centre is putting previously unused commercial space to lucrative work by installing new solar carports to keep customer vehicles cool and power bills and emissions low.
Centre owner Chin Hong Investments have installed the carports at Arundel Plaza at Parkwood to create shade for 42 car parks, while offsetting carbon emissions for the centre.
More than 350 panels, covering an area of 590 sqm, in the car parks off Daintree Drive will generate over 165 MWh of projected annual renewable energy, which is enough to power 25 homes for a year based on an average four-person household in the area.
Designed using steel beams and aluminium purlins up to 5m high, the solar carports provide plenty of clearance for cars while taking advantage of the Gold Coast’s plentiful sunlight.
Centre manager Kelly Golf, director of commercial management for LJ Hooker Commercial Gold Coast, said the centre had been planning solar roof panels and new car shading before exploring this technology.
“The solar carports at Arundel Plaza are helping to lower the carbon emissions for the electricity supply to the centre, while also providing a fantastic shade solution for customers in a previously open car park,” she said.
Michael Moran, managing director of energy management company Voltio, said the panels were designed to meet the high wind loads for southeast Queensland and had also been tested by hail, heat and other climatic conditions.
Mr Moran said renewable energies in solar carports were perfect for shopping centres to convert open, flat spaces into areas that generate power and shade.
“These solar carports are a stepping stone for Arundel Plaza to achieve carbon offset for the centre supply,” he said.
“Based on these benefits, solar carport structures are rapidly becoming more popular in shopping centres and businesses throughout Australia.”
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