The Gold Coast recorded a decline in commercial sales over the three months to mid-September, according to a recent report by CoreLogic.
There were 26 commercial transactions recorded over the period, translating to a total value of $89.1m. The quarter's turnout was lower than the preceding period's 38 total sales, which recorded a value of $192.2m.
The overall commercial turnout during the recent quarter includes $40m in sales for commercial, $5.4m for commercial strata, nearly $1m for retail strata, and $42.9m for others.
The most noteworthy transactions in the period managed to hit a total value of $53.8m. Included in the list is the four-level storage warehouse in Bundall purchased by National Storage REIT for $22.9m. The property has a warehouse that spans 10,704 square metres and has 629 self-storage units, an ancillary office space, and a ground floor retail provision. The property was originally sold to Bundall Storage Trust for only $6.8m in 2017.
Also read: The Dos and Don’ts of Commercial Investing
Another highlight was the sale of The Arcade at Burleigh. Locally known as the Old Burleigh Theatre Arcade, the property was sold for $18m. The sale includes a single-storey section to the rear at 1823 Gold Coast Highway. The buyers of the property plan to demolish the arcade to make way for a luxury apartment building with 14 storeys.
A site located at 46 Goodwin Terrace was also sold in the month. This property will be the site of an eight-storey residential building with 16 units and 63 bedrooms. The purchased site housed Roslyn Units, which is currently being demolished. It was made up of eight units purchased individually by Synergy Norfolk for a total of $12.9m.
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