Next Level Racing: New owners of 21-23 Upton Street reveal plans for commercial site after $9m sale

A prominent Gold Coast retail and commercial showroom complex has sold for more than $9m, with its new owners revealing an unexpected tourist attraction it plans to build

A prominent Gold Coast retail and commercial showroom complex has sold to a flight and racing simulator company for more than $9m.

Next Level Racing, which already operates on the Gold Coast, beat out 24 other bidders to snap up the property on Bundall’s Upton St as part of an expansion of its Glitter Strip presence.

The sale was secured through a local and interstate expression of interest campaign run by Steven King and Marlon Crawford, of Colliers, and Jackson Rameau and Michael Willems, of Ray White Commercial.

Mr King said there had been 243 inquiries and 24 expressions of interest on the property.

“Next Level Racing recognised the opportunity at hand and deemed this a must-have acquisition for them, ticking all their requirements to help expand their operations,” he said.

21-23 Upton St Bundall has sold for $9m

“The prime location, combined with pent-up demand for retail office space, led to considerable interest in this site from investors and owner-occupiers looking to secure a position on Upton St.”

The 4045sq m property on the north side of Upton St has 10 tenancies spread across two buildings.

It was placed on the market by Nick Keramos and Bill Karageozis, the joint liquidators of 21 Upton Street Holdings Pty Ltd (in liquidation).

The pair are also the receivers and managers of The Upton Street Unit Trust.

Mr Crawford said there was strong demand for commercial space on the Gold Coast.

Next Level Racing has bought the site

“This demand allowed us to complete the sale process in a relatively quick time frame,” he said.

“The location in this high-traffic zone among major national retailers was a significant drawcard for potential buyers who also appreciated the upside potential that this property had to offer.”

Mr Rameau said the Bundall area, close to Surfers Paradise, the council chambers and other key infrastructure, would become increasingly desirable if the Gold Coast City Council progressed its plans for a new 1800-seat lyric theatre at the neighbouring Home of the Arts (HOTA).

He said there was the possibility of redeveloping part of the site.

“This is a very versatile freehold asset in a tightly held precinct that offered upside potential, including subdivision of the property into multiple units, subject to council approval,” he said.

Originally published as Next Level Racing: New owners of 21-23 Upton Street reveal plans for commercial site after $9m sale