James and Brett Frizelle among buyers and sellers of key commercial properties during bumper July on Gold Coast

The Gold Coast’s royal family of caryards, the Frizelles, have continued to shuffle their hefty commercial property portfolio, settling two major deals in July. MORE COMMERCIAL DEALS >>

Brett and James Frizelle. Pic by Richard Gosling

GOLD Coast’s royal family of caryards, the Frizelles, have continued to shuffle their hefty commercial property portfolio, settling two major deals within a month.

The Frizelle sales were among a swag of large commercial sales worth hundreds of millions of dollars settled during July.

At Carrara, James Frizelle sold a vast 1.35ha commercial site, currently a Visy recycling centre, at 110 Eastlake St for $10m to Gold Coast City Council.

Visy, which processes 45,000 tonnes of recyclable material per year at the site, will lease it back from the council.

Brett Frizelle, James Frizelle and James Frizelle Jr. Photo: Regina King

Also settling in July was the $20.4m transfer of a 1.72ha site at 40-44 Brabham Cct Robina from a company owned by James and Brett Frizelle to one solely owned by Brett.

The site is currently the home of several dealerships including Mazda, VW and Frizelle Sunshine Used Cars.

It was revealed in May that the Frizelles sold properties that housed their former Southport dealerships to newly listed Peter Warren Automotive Holdings for more than $82m.

Servico on Olsen – a service station and convenience centre developed on Olsen Ave, Southport by Empirica has sold.

Other big ticket transactions included a Southport service centre, anchored by Shell Coles Express, KFC and Starbucks, which sold for $21.5m after being on the market almost two years.

The Servico on Olsen project, at 501 Olsen Ave, was developed by Brisbane company Empirica in 2017 on an 8099sq m site bought for $4.95 million in 2016.

There are 11 tenancies at the high-profile location including Burger’D, Sushi Train and 12RND Fitness.

Also settling in July were the $58.5m sales of Niecon Tower and Niecon Plaza, bought by the family of late seafood king George Raptis, which plans a $700m project there.

The northern Gold Coast saw some of the biggest settlements for the month, with Canada-based NorthWest Healthcare Properties Management Limited paying $10.34m for a 2.01ha site at 187-195 Foxwell Rd within the Coomera Health Precinct.

Sellers Silverstone Developments had lodged an application for a medical and mixed-use project, and the new owners will now undertake a master planning process for a 6000sq m medical office building as part of Stage 1 development.

An artist's impression of the planned development at 187-195 Foxwell Rd, in the Coomera Health Precinct.

Down the road, Brisbane-based developers Keylin and Kinstone Group settled on the 47ha Coomera Town Centre South site from Queensland Investment Corporation for $35.2m.

The group plans to create a residential and lifestyle precinct close to one of the city’s biggest shopping centres.

Further north, Gold Coast City Council paid $12m for a 288-acre farming property at Stewart’s Rd Pimpama, which is set to become sport and recreation space.

Members of the Stewart family, who sold their historic farm land at Pimpama on the northern Gold Coast to the council for $12m.

Also settling in July was the $7.2m sale of 1 Bellvue Dr Varsity Lakes to Coles Group.

The supermarket giant has not indicated what its plans are for the site.

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Originally published as James and Brett Frizelle among buyers and sellers of key commercial properties during bumper July on Gold Coast