Gold Coast commercial property: Surfers Paradise restaurant sale, Ormeau complex sells for $15.075m and more

A Singapore investor has snapped up a vacant restaurant property at the base of the Crown Towers Resort in Surfers Paradise for $1.075m.

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A SINGAPORE investor has snapped up a vacant restaurant property at the base of the Crown Towers Resort in Surfers Paradise for $1.075m.

The deceased estate sale of 4/5-19 Palm Ave was negotiated by sales agent Brandon Johnson and director Lachlan Marshall of Harcourts Coastal Commercial. The space was home to Buffet Lab before its closure two years ago.

Mr Marshall said the sale was a case of third time’s a charm for the duo as the previous two contracts fell over.

He said the latest buyer signed the contract three weeks ago. It went unconditional on Wednesday.

FULL DIGITAL ACCESS: $1 A WEEK FOR THE FIRST 12 WEEKS

“The buyer liked how large the space is. It is more than 900sq m which can cater to a lot of patrons,” Mr Marshall said.

“It is also hard to find a restaurant that size in the heart of Surfers.

“It’s really positive that international investors are willing to take a risk on a vacant restaurant. It’s been vacant for two years.”

Mr Marshall said the new owner planned to renovate the 892sq m space before seeking a new tenant.

Features include two outdoor dining areas overlooking the lagoon pool at the resort tower, full commercial kitchen and 37sq m of storage space.

ORMEAU COMPLEX SELLS FOR $15M

A NEAR fully-leased industrial complex in Ormeau has sold to a Sydney-based investment group for $15.075m.

Ringmer Pacific Management Pty Ltd is the new owner of the 21-unit complex at 214-224 Lahrs Rd following a deal negotiated by Sam Griffiths of Corwells and Michael Willems of Ray White Commercial.

The units were built by Vrhovac Enterprises, linked to Leo and Jacqueline Vrhovac of Coomera. It bought the 1.37ha parcel for $2.95m in 2018.

Mr Griffiths said 13 written offers were received during a six-week expressions-of-interest campaign. Interest came from Gold Coast investors and interstate investment groups fuelled by the location, a lack of stock and cheap cash.

“We were able to achieve a tighter yield (6.8 per cent) than what might have been expected because while we did have a short WALE, the diversification among the tenants saw investors see it as more low risk.”

Tenants at the complex include Ormeau Panel and Paint, charity HOPE Support Services and Land Rover and 4WD parts and accessories supplier Landybitz.

Two spaces remain available for lease.

“There were a number of investment groups that looked at the property and then the pricing varied depending on their appetite for this investment,” Mr Griffiths said.

“Ringmer invest Australia wide but they are particularly interested in this corridor at the moment along the M1 because they see future growth

in terms of rental rates due to the lack of stock and also the infrastructure being upgraded such as the Coomera Connector.”

Mr Griffiths said that stock shortage was signified by the fact a similar complex to 214-224 Lahrs Rd had not been constructed since it was built a year-and-a-half ago.

“There was a few complexes that came out at the same time, including 3-9 Octal St. However, there is currently very little stock left of these types of units within the Yatala Enterprise Area.”

The Lahrs Rd complex is zoned low-impact industry.

It contains seven trade display warehouse units and 14 high-bay clearspan warehouse/office units. They range from 145-500sq m and there are 106 car parks on site.

CONSTRUCTION KICKS OFF ON MY SPACE MOLENDINAR

FOUR units in My Space Group’s Molendinar project have sold as construction starts on the 20-unit project.

My Space Pty Ltd, associated with Sydney-based ­investor Mark Arnold, was one of four companies that purchased land at 3 Enterprise St in 2020 for $1.76m.

The site is a 3316sq m block behind Aldi, Freedom Fuels and Zarraffa’s in Molendinar.

Commercial 1 Gold Coast managing director Steve Macgregor has been tasked with marketing the units.

He said construction was not due to finish until the fourth quarter of this year but they had already sold four of the units.

Units five, eight, nine and 16 fetched between $338,350 and $485,000.

Mr Macgregor said the product had received a strong reception from the market.

“There’s a real lack of stock that’s driving sales, especially for this product,” he said. “Interest is coming from owner-occupiers and investors are trying to get in there, but the owner-occupiers are paying a premium.”

Mr Macgregor said most prospective buyers had been interested in using the units for storage. The units range between 91sq m and 159sq m.

Features include ground and mezzanine-floor area as well as three-phase power, private kitchenette and bathrooms, electric roller doors and high internal clearances.

My Space was one of a number of companies that bought a massive 1.7ha block of land in Burleigh Heads for $10.75m last year.

TASMANIAN BUYERS TAKEAWAY LABRADOR PROPERTY IN $715k DEAL

THE Tasmanian buyers of a Labrador property that once housed a takeaway shop and general store have plans to run a medical centre from the site.

Hughes Health Investments Pty Ltd, associated with Mary and Roger Hughes of Hobart, paid $715,000 for the property at 1/173 Musgrave Ave.

The sale settled in January.

The property consists of an approved takeaway shop and general store downstairs and three-bedroom apartment upstairs.

The sellers were Mojo (Neser) Pty Ltd and Grace (Retief) Pty Ltd linked to Annelise Nesser of Sanctuary Cove and Daniel Retief of Carrara respectively.

Joseph Codianni of Real Commercial Qld did the deal.

Mr Codianni said the property was on and off the market for six years with various agents before he struck the deal last year.

He said there were several problems.

One was the previous owners had “paid too much” for the property when they spent $820,000 in 2008.

He said the other issue was prospective buyers were not keen on pushing through a MCU (material change of use) to turn the property into ventures other than a takeaway shop.

“But these people (the buyer) saw the value in the location and applying for the MCU.”

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