Stage 3 of the Gold Coast Light Rail is now underway, with a 6.5km extension along the Gold Coast Highway linking Broadbeach South with Burleigh Heads.
The $1.2 billion project, funded by local, state and federal governments, is set to transform this stretch of the Gold Coast with eight new stations slated for completion in 2025.
Gas, water, sewer, electricity and telecommunication services are being relocated in the early phase of construction, ultimately resulting in a dual track running down the centre of the Gold Coast Highway with two traffic lanes either side.
Kollosche Commercial sales agent Adam Grbcic met with the GoldlinQ Consortium earlier this year to better understand the challenges and benefits posed by Stage 3 of the project for property owners and their tenants.
Major lessons were learned from Stage 1 of the Light Rail, linking Gold Coast University Hospital with Broadbeach. The project took too long and caused too much disruption, with many businesses leaving, never to return.
This time the project will be completed one section at time to cause less disruption to businesses, customers and residents. Major works will take place overnight to reduce noise and interruptions during peak trading hours.
GoldlinQ is paying for hoarding and signage, which will help to improve businesses’ visibility while also reducing dust generated by construction.
Despite the inevitable loss of visibility, access and parking, Kollosche Commercial Leasing Agent Kelly Buxton does not anticipate a mass exodus of traders.
The Broadbeach to Burleigh highway strip is so tightly-held that most businesses are expected to weather the storm in anticipation of the long-term gains, says Kelly, who recently let a 200m2 retail space on the Gold Coast Highway in Mermaid Beach to a furniture wholesaler.
Similarly, Adam Grbcic anticipates Gold Coast Highway property owners will fall into two camps: those with a short three to five-year view, who will look to pass off their asset sooner, while those with a long-term view of five-plus years will hold on for the benefits to come.
Once complete, the Light Rail will deliver more customers from as far afield as Helensvale to an improved southern highway streetscape, while zoning changes will allow for higher density and heights to support the transport link; property prices will increase as a result.
Gold Coast Highway property owners are invited to reach out to Kollosche Commercial for a complimentary, no-obligation health check on their asset. Landlords are encouraged to learn about ways to mitigate rental losses while supporting tenants during Light Rail construction.
For commercial sales, contact Adam Grbcic: 0404 087 772; adam@kollosche.com.au.
For commercial leasing, contact Kelly Buxton: 0478 002 111; kelly@kollosche.com.au
For commercial property management, contact Elke Rosen: 0403 111 577; elke@kollosche.com.au
