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Commercial Property

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



gold coast commercial

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

Robina Group Lands Multimillion-dollar Deal for Management Rights



Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina Group Lands Multimillion-dollar Deal for Management Rights. The management rights to Gold Coast development, Vue Terrace Homes, has sold off-the-plan for $5 million, with the new $170 million community described as a “dream to rent”.

An experienced operator, TDK, has purchased the management rights from developer Robina Group, setting a new record for the central Gold Coast suburb of Robina.

TDK – headed by Troy Edwards, Damien Windle and Kelvin Cotter, in a joint venture with experienced property managers, John and Sam Burke – purchased the management rights after highly competitive expressions of interest campaign, which attracted 14 offers.

The deal was negotiated by Resort Brokers Australia senior broker Alex Cook and included a three-bedroom terrace home in stage one, which will be occupied by resident managers, Sam and Jess Burke.

Sam and Jess will live on-site and work alongside Sam’s brother, John Burke, on the management of the secure gated community of three-bedroom terraces, which overlook Gold Coast City Council’s 17-hectare Robina City Parklands.

More than $93 million of homes have already sold, with stage one and two under construction and due for completion early and mid next year respectively.

John Burke said TDK, which held the management rights to nine communities between North Lakes and Coolangatta, saw Vue Terrace Homes as a “fantastic investment”.

Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina is one of the most in-demand suburbs on the Gold Coast, with a vacancy rate of just 1.1 per cent.

“Vue features high quality homes in an ideal location, opposite major transport, close to Robina Town Centre, Bond University, popular schools and Robina’s medical precinct,” he said.

“All these factors have made it successful from a sales point of view and we believe it will be no different when it comes to tenanting completed homes – in fact, we expect it to be a dream to rent, particularly to young professionals and families.”

Robina is one of the most in-demand suburbs on the Gold Coast, with a vacancy rate of just 1.1 per cent, according to PRDnationwide’s “Robina property fact sheet – first half 2018”.

The high demand for properties in Robina has translated to strong competition from prospective residents for new communities, in particular, said Robina Group sales manager Azura Griffen.

“Every single terrace home community Robina Group has developed has had a waiting-list of prospective renters prior to completion – and we believe Vue will be no different. In fact, we’ve already been fielding interest,” Griffen said.

Griffen said TDK’s impressive track record of maintaining high quality communities, with low vacancy rates, had given them the edge over the other quality contenders who submitted expressions of interest for the management rights.

Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina Group Lands Multimillion-dollar Deal for Management Rights

The high demand for properties in Robina has translated to strong competition from prospective residents for new communities.

“We short-listed seven candidates and from there selected a final three for a second interview – it was an extremely competitive process and allowed us to select the best of the best for Vue, which is a real win for both owners and residents,” she said.

“In the end, TDK ticked all the right boxes, including its proven experience in managing communities across South East Queensland from the off-the-plan stage.

“We wanted a team we were confident would retain the high quality of Vue over the long term and we have no doubt TDK will achieve just that.”

Cook, of Resort Brokers Australia, said Vue Terrace Homes’ management rights were a “prized asset for which many parties were willing to pay well”.

“Demand for management rights offering a high net income outnumber the opportunities available – particularly from the off-the-plan stage,” he said.

“On the Gold Coast, management rights of this size are extremely rare and it would be several years since anything like this has been offered to the market – it is a unique asset that encompasses everything people are looking for.”

The Vue Terrace Homes sales and display centre is open seven days a week from 10am to 5pm on the corner of East Lane and Stadium Drive in Robina on the Gold Coast.

Robina Group Lands Multimillion-dollar Deal for Management Rights


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Commercial Property

Meriton Ocean Tower an Icon for the Next Era



meriton ocean tower
Australia’s largest apartment developer Meriton says its latest development “Ocean, Gold Coast” will transform the Surfers Paradise Beachfront.

Rising 252 metres, Ocean will offer residents unobstructed, never-to-be built out views across the sea and beyond.

Ocean is set to be a beachfront landmark, bringing to life a new era in modern living, one where lifestyle, convenience and luxury meet.

On the doorstep of the Cypress Avenue light-rail station and just 20 minutes from Coolangatta Airport, Ocean will combine a vibrant lifestyle with modern amenities and easy connectivity, ensuring future residents will experience a quality of apartment living never before seen on the Gold Coast.

The 74-floor glass tower designed in collaboration with award-winning architects SJB will feature 262 bespoke apartments and 446 luxury 5-star hotel suites.

“We will be selling the high life, literally” Meriton founder and managing director Harry Triguboff said.

The veteran developer recently announced apartment buyers would have the opportunity to buy from level 45 up to level 74.

The lower floors would be devoted to hotel suites trading under Triguboff’s Meriton Suites brand.

meriton ocean tower

The 74-floor glass tower designed in collaboration with award-winning architects SJB will feature 262 bespoke apartments and 446 luxury 5-star hotel suites.

Ocean, which fronts premier beachfront street The Esplanade, will create a bold first impression from the moment residents and guests step into the expansive lobby with its soaring 4.5 metre ceilings.

Residents will pass through this space to their own private reception area, absorbing the opulent atmosphere as they go, and enter a high-speed smart lift, ensuring a quick return to their apartments.

The Ocean apartments will range from two-bedroom layouts with floor areas of up to 91sq m through to three-bedroom designs averaging 120sq m.

Ocean will also feature a rare collection of five top-floor penthouses that will have floor areas of up to 203 square metres.

The hero of the home is undoubtedly the contemporary kitchen in each Ocean apartment. The sleek and luxurious design make it as functional as it is beautiful, with every detail considered.

Features include premium SMEG stainless-steel appliances including concealed undermount rangehood, gas cooktop, oven, microwave, and a fully integrated dishwasher, Caesarstone benchtop and mirror splashback, contemporary pendant lights above all island benches add an extra element of sophistication.

The tower will have three levels of basement and will sit on a five-level podium with extensive lifestyle facilities exclusive to Ocean residents and their guests complementing this stunning area.

A beach club on level five is serviced by a bar and features lush landscaping, while level 33 features a 22-metre indoor pool with unobstructed ocean views, gymnasium, sauna and community rooms.

meriton ocean tower

The Ocean apartments will range from two-bedroom layouts with floor areas of up to 91sqm through to three-bedroom designs averaging 120sqm.

Triguboff said Ocean, on which construction started in May on the 3833sq m site, would be one of his most iconic projects.

“It will be my 19th tower on the Gold Coast and by far my most ambitious – you’re never too old to have ambition.

“In my judgment it’s going to be an absolute winner.

“There’s nothing like it on the Surfers Paradise beachfront – it’s got everything and every apartment will have unobstructed ocean or district views.

“I’d equate Ocean to a city within a city, with its own leisure facilities, beach club, supermarket, shops, restaurants, and a childcare centre.”

Triguboff said he expected Ocean to have the Surfers Paradise beachfront market virtually to itself.

“The banks have made it impossible for Australian developers to contemplate a beachfront project of any scale.

“In fact, we expect Chinese buyers to head the Ocean way and take a third of our apartments.”

No price has been put on the Ocean high life – prices are to be released ahead of the project’s launch next month.


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Commercial Property

Scentre Group launches 21st century shopping centre



scentre shopping mall

Scentre Group has cut the ribbon on the $470 million development at Coomera in Queensland, the property giant’s first greenfield shopping centre project since being spun out of Westfield.

In a break with tradition the centre at the northern end of the Gold Coast will also open without having a department store as the anchor.

It has been 12 years since Westfield opened its North Lakes mall, which was before the creation of Scentre Group. The next big project for the landlord will be the shopping centre at Barangaroo Central in Sydney.

Using the town centre model, in an attempt to increase dwell time for visitors, the 59,000 square metre site will offer up to 40 per cent of space devoted to entertainment and leisure with and Event Cinemas with Gold Class.The major tenant brands will include H&M and Mecca Cosmetica and also a Universal movie store as well 40 specialty retail stores, including Coles, Woolworths, Kmart, Target, JB Hi-Fi, Rebel.

One of the key aspects of the new shopping centre is The Backyard, which is an area that offers a play area for children to hold birthday parties, a gym zone, BBQ areas and water features.

Westfield Coomera sits opposite the Dreamworld theme park and the nearby Movie World, to capture the tourist dollars.

Scentre’s chief executive Peter Allen said the group used the ”blank canvas” of a greenfield project to create a shopping centre of the future.

scentre shopping mall

Scentre Group has opened its new $470 million Coomera shopping centre, Gold Coast, Queensland

”Coomera centre is the first mall we have created from the ground up and using data collected we can curate it for the area, which is a growth corridor” Mr Allen said.

Mr Allen said the research undertaken by Scentre has shown that customers want more leisure and entertainment with specific specialty areas, such as a holey moley golf putt putt bar and restaurant.

”We will have key retailers that offer the same individual products that are offered in a traditional department store,” he said.

Mr Allen said the ongoing parliamentary inquiry into the franchise industry had had no direct impact on the Scentre Group.

He said, as a landlord, Scentre always encouraged strong and healthy relationships between franchisors and franchisees.


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