This article is from the Australian Property Journal archive
FIVE retail lots in the Victoria Square building at Broadbeach have sold for a combined $1.8 million, in three separate deals negotiated by Colliers International.
Colliers’ Alan Robertson and Stewart Gilchrist negotiated the sale of five retail lots out of seven in the 15 Victoria Avenue property, on behalf of joint vendors, Hong Kong-based Wu Family Nominees Pty Ltd and Long Family Nominees Pty Ltd.
Lots 16 and 17, which houses the 130 sqm Aztec restaurant, were purchased by a Melbourne investor Ray Grusling for $900,000. The two lots were sold at a rate equating to $6,923 per sqm and reflected a yield in excess of 10%, with Aztec’s lease in place until April, at which point it will be able to exercise a further option.
Lots 1, 2 and 3 were purchased in one line by a local investor, Yusuf Serce, for a total of $865,000. Lots 1 and 2, which have a combined area of 118 sqm and are tenanted by seafood restaurant Caught ‘n Cooked, changed hands for $665,000, while lot 3, which is 51 sqm and vacant, was sold for $200,000. Caught ‘n Cooked has just opted to exercise a further three-year option on its lease.
Robertson said the two remaining lots are both vacant, are 61 sqm in size and situated next to the Bank of Queensland.
“We have had good enquiry from potential buyers, particularly from local private investors. This is not surprising as locals know first-hand what a premium location Broadbeach is.
“The retail lots at Victoria Square, which are situated beneath a tower of apartments, are particularly attractive because they are in a spot that has good exposure to foot traffic,” he added.
Colliers International is currently seeking tenants for the remaining vacant lots in the Victoria Square retail offering and Robertson said enquiries were coming in, with two tenants particularly interested in occupying space in the development.
Previous tenants in Victoria Square’s retail component included a hairdresser and an internet café.
Gilchrist said for the five lots that had sold so far in Victoria Square, the average sale price had been $5,903 per sqm.
“This is a good sold result and reflects the improved sentiment in the retail market on the Gold Coast,” he said. “Although the Gold Coast has experienced a slowdown over the past few years, people can see that it has now turned a corner, and those who know the market particularly well – such as locals – can see that buying retail space in this development now will pay off in the future.”
Property Review
