Top 10 Gold Coast commercial property sales of 2020
The market took a hit from covid for several months before rebounding at the end of the year with some big ticket sales.
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The Gold Coast commercial property market recorded strong sales at the start of the year with the sale of the Circle on Cavill shopping centre and office space being the standout.
Covid hit the sector for several months before investors began to gravitate towards retail and logistics assets towards the end of the year.
The sale of the Bunnings Robina store on a yield of 5.49 per cent shows there is plenty of demand for high-quality assets.
10. NOBBY BEACH SHOPS - $12.8M
Developer Daniel Veitch bought up parcels spanning 2406sq m fronting both the highway and the northern side of Lavarack Rd earlier this year for $12.8 million.
The titles take in highway-facing shops and a cafe building.
Months later Mr Veitch and fruiterer George Manettas unveiled complementary developments reflecting the arched architecture of former Gold Coast landmarks such as the Pink Poodle Motel.
9. CRESTWOOD PLAZA - MOLENDINAR - $17.55M
After multiple attempts Adelaide-based Prime Space Projects finally found a buyer for its Molendinar shopping centre at $17.55 million.
The sale came after SuperSpar was secured as the anchor tenant for the site and other new tenants joined the roster including Crestwood Family Dental.
Marketing agents: Ryan Chandler and Stewart Gilchrist of Colliers International
8. CITY LINK INDUSTRIAL ESTATE - CARRARA - $20.95M
The Gold Coast City Council delivered a major boost to Tim Gordon’s City Link estate when it spent just shy of $21 million on a five hectare parcel.
GCCC said the land was to build a new water and sewer depot, including a 4000sq m office building, workshops, storage, maintenance facilities and hardstand.
Mr Gordon bought the City Link Carrara land, located off Eastlake St, Hickey Way and Petherbridge Ave, for more than $20 million in mid-2019. The 85ha site was split into a 25ha industrial estate with land for sale or lease and a residential component.
Marketing agents: Pat Cavanagh and Marlon Crawford of Colliers International
7. MARINER’S COVE - MAIN BEACH - $28M
In July Sunland offloaded Mariner’s Cove to Ridong - the former minority partner in the Jewel development.
The sale was part of a plan by the developer to offload so-called “non core assets”.
Ridong has yet to release its plans for the retail and marina precinct with tenants including the Fisherman’s Wharf Tavern.
Marketing agent: Mark Witheriff of CBRE
6. BUNNINGS ROBINA - $28.05M
The large format retail sector showed why its been so resilient during covid with the Bunnings Robina store selling for $28.05 million on a yield of 5.49 per cent.
The seller was the Queensland Investment Corporation and the buyer an unnamed private investor from Melbourne.
The building spans 12,803sq m on a 3ha block and was built in 2014 as a Masters Home Improvement Store before being rebranded in 2018 to Bunnings.
Marketing agents: Jacob Swan, Nick Willis and Sam Hatcher of JLL
5. PACIFIC PRIVATE CLINIC - SOUTHPORT - $40M
Another deal completed before COVID put the handbrake on sales for a period was the Pacific Private Clinic building in Southport which sold to investment and funds management business Elanor Investors Group for $40 million.
The clinic sale settled on March 16 and was in conjunction with the $83.3 million purchase of a medical building at 55 Little Edward St, Spring Hill, home to the Queensland Eye Hospital.
Canadian real estate healthcare giant NorthWest Healthcare was the seller.
Marketing agents: Cushman & Wakefield’s Mike Walsh and Peter Court
4. BENOWA GARDENS SHOPPING CENTRE - BENOWA - $40.3M
Brisbane funds manager IJ Capital made its first foray into the Gold Coast market in March this year with the $40.3 million purchase of the Benowa Gardens Shopping Centre.
The seller was the Stockland group, which owned the Coles-anchored property for 17 years.
The buy was at a 6.7 per cent yield based on the 80 per cent leased centre’s net income of $2.7 million.
Marketing agents: Jon Tyson and Peter Tyson of Savills
3. MARKWELL FOODS COLD STORAGE FACILITY - ORMEAU - $43M
Logistics and cold storage facilities became one of the stars of the commercial property sector during Covid-19.
The Markwell Foods facility at 1 Lahrs Rd sold to Centuria Industrial REIT for $43 million in October - Centuria’s sixth acquisition of the year.
Markwell Foods is one of the largest frozen food importers across Australia, New Zealand and the Pacific.
2. COOMERA CITY CENTRE - UPPER COOMERA - $57M
This shopping centre was one of 17 that formed part of the HomeCo Daily Needs REIT when it listed on the ASX.
The listing brought together convenience malls anchored by supermarkets and large-format retailers, which have proved robust during covid-19.
The Coomera centre, anchored by Coles, sold with 100 per cent occupancy and a WALE of 7.4 years.
Marketing agents: Michael Hedger and Joe Tynan of CBRE
1. CIRCLE ON CAVILL SHOPPING CENTRE - SURFERS PARADISE - $61.8M
Macau casino boss Loi Keong Kuong followed his $90 million purchase of the Soul retail precinct by picking up the Circle on Cavill shopping centre for $61.8 million.
The deal settled on March 31 with an executive from the seller EG Daniel Farley stating it was pleasing to see high-quality transactions being completed in a “cautionary environment”.
The Woolworths-anchored Surfers Paradise commercial precinct hit the market in late 2018 after undergoing a $13 million refurbishment program.
Marketing agents: JLL’s Jacob Swan and Sam Hatcher and McVay Real Estate’s Dan McVay and Sam McVay
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