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Commercial Property

Southport’s The Brickworks sold for $137 million to Wholesale Australian Property Fund



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AN AMP Capital-run fund which has made the Gold Coast’s biggest retail buy of 2017, the $137.54 million purchase of Southport’s The Brickworks center, is not about to embark on a redevelopment spree.

Christopher Davitt, who is overseeing what is the home of the Ferry Rd Market for the new owner the unlisted Wholesale Australian Property Fund, yesterday said that growth at the property would be ‘organically based’.

He said that growth would center around The Brickworks’ features of progressive shopping, dining and lifestyle offerings and its strong and growing catchment area.

“There are no plans to fundamentally the center.”

Mr. Davitt said an attraction point with The Brickworks was the number, mix, and quality of tenants.

Major traders at the Brickworks include Freedom Furniture, US-owned off-price retail chain TK Maxx, and Chemist Warehouse.

The 15,183 sqm single-level retail area includes around 50 other retail, dining, and food-related outlets.

It nets nearly $7 million a year when fully let and the Wholesale Australian Property Fund has bought it, off-market, on a yield of 5.09 percent.

The deal is a big win for Brisbane-based sellers Calile Malouf Investments and company Ralph Lauren, which is owned by Patrick George and John James and is not associated with the fashion brand of the same name.

They bought The Brickworks, which is on 2.72ha site, for $24.26 million in 2004 and two years later initiated an $8 million makeover that included delivering the Ferry Rd Market.

At the same time, the partners bought three adjoining properties for nearly $4 million, expanding their holding to 3.5ha with a mixed-use zoning.

John Muchall, valuation director for JLL, yesterday said that the Wholesale Australian Property Fund had bought into an area, Southport, with a net annual population growth of 2.4 percent, well above the national average.

“The fund’s looking at strong l rental growth, with most tenants having annual increases of between 4 and 5 percent.”

The Brickworks was initiated by veteran New Zealand property investor James Kirkpatrick in the mid- 1980s.

An annex that includes a series of strata-title showrooms was added on the western side of the adjoining Warehouse Rd in the 1990s.

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Commercial Property

Stradbroke Island Beach Hotel Listed for Sale



Stradbroke Island Beach Hotel Listed for Sale
Buyers and investors may have the chance to secure one of Australia’s most picturesque ocean-front pubs, as the Stradbroke Island Beach Hotel and Resort Spa has been put up for sale.

For the first time in 20 years, the Point Lookout destination will be marketed by CBRE via a private treaty process on behalf of developer and investor Bob Hill.

Queensland rich-lister Hill secured a 50 per cent stake in the “Straddie Pub” in 1996 and undertook a $20 million refurbishment around a decade ago.

The hotel is situated on a large, 3,267 square metre site and comprises a main bar, bistro, beer garden, gaming room with machines, TAB, function room and on-site bottle shop. There are 13 accommodation rooms and management rights for an adjoining complex comprising 16 units.

CBRE Hotels’ Paul Fraser said the property would deliver its new owner a strong upward trending cash flow and bottom line business.

“This landmark asset, situated in one of Brisbane’s most visited holiday destinations, offers multiple income streams,” Fraser said.

“The incoming owner will reap the benefit of a strong initial yield in addition to huge upside

and revenue growth opportunities, particularly through the food and function offerings.”

The Stradbroke Island Beach Hotel occupies an exclusive headland site on the most easterly point of the Queensland coastline. It offers northerly panoramic ocean views and direct access to Point Lookout’s Cylinder Beach.

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Commercial Property

Planning Guide



planning guide

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Commercial Property

Development Site Deals Deliver $100m Uplift In Gold Coast Commercial Market



gold coast commercial

Development site sales have reshaped the Gold Coast commercial market in 2017, with total sales for the first nine months of the year exceeding the same period in 2016 by more than $100 million.

Almost 300 transactions generated total sales of $693.76 million compared with $558.84 million from only 105 sales in the first nine months of 2016, Ray White’s Between the Lines Gold Coast 3Q TransactionReport shows.

“The major change in the investment profile between 2017 and 2016 is the greater move back to development site sales, which now account for close to a quarter of all sales this year compared to just 6.10 per cent last year,” Ray White’s Steven King said.

“Conversely, during 2016, hotel sales represented 34.24 per cent of the total pool of investment.”

The Gold Coast market has been in strong demand during 2017, despite volumes of sales starting off quieter than usual with many owners opting to hold assets. As the year has progressed more properties have come to market thanks to tightening yields.

Most of the total sales for 2017 so far — $417.66 million — has been notched up in the third quarter alone. Retail sales contributed to $167.78 million of this figure while office sales accounted for $144.03 million.

This marks a 53.35 per cent increase from the third quarter in 2016 — $272.03 million in sales — and again from the third quarter 2015 where $153.21 million was sold.

In September 2017, the entire commercial strata component of Zenith Apartments, a building occupied by the Surfers Paradise Police Station, sold at auction for $5.4 million on a 7 per cent yield.

In the first half of 2017, small industrial deals with an average sale price of under $1 million dominated overall sales. King said this highlights the ongoing local private investor and owner-occupier demand in the market.

“Smaller retail holdings and strata office suites also were prominent in the investment pool at a price point which encouraged competition amongst buyers during this time of low interest rates, putting downward pressure on yields,” he said.

The most significant transaction during this period has been The Brickworks in Southport, selling for $137.54 million on a reported yield of just 5.09 per cent and showing how hotly contested larger assets are keeping yields low.

Ray White Commercial head of research Vanessa Rader said office property yields have ranged between 6.50 per cent and 9.50 per cent, further highlighting the confidence in the location as buyers who may have been priced out of more prime locations move up the risk curve and consider the Gold Coast.

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