Two blue-chip Broadbeach commercial properties have changed hands in deals totalling almost $50 million, signalling a major vote of confidence in the central Gold Coast suburb.
Former timeshare building ‘The Voyager Resort’ sold for $45,001,600 to a private investor last week, following what was a four-year journey to market for some 3,000 timeshare holders.
Kollosche sales agents Adam Grbcic and Tony Grbcic fielded 155 enquiries during a five-week expressions of interest campaign on the 2,070m2 beachside site which fronts the esplanade on the corner of Old Burleigh Road and Elizabeth Avenue.
“There was heated competition for this site because it can’t be replaced,” said Adam Grbcic.
“About 80 per cent of that enquiry was local, including a mix of high-net-worth investors looking for land bank opportunities, developers wanting key sites for this property cycle or future cycles, and hotel operators.
“We received 25 offers in the first round and extended the process by a week, inviting the top 10 to participate in a second round. Two offers were selected and presented to the owner who did their own legal due diligence before making a final decision.”
Future plans for the site have not been disclosed, however, the hotel presents strong holding income with the potential for short-stay holiday or permanent rental accommodation, given the critical shortage of rentals on the Gold Coast.
El Dorado Amalgamation Complete
Nearby in central Broadbeach, Kollosche Commercial collaborated with Kollosche New Projects sales agents John and Nicole Mayer to secure a $4.47m deal – a positive rate of $6,834 per sqm – on boutique apartment block ‘El Dorado’.
Spanish for ‘The Golden One’, the amalgamated property included six units on a prime 654m2 corner position at 173-175 Surf Parade, ideally positioned between Broadbeach and Surfers Paradise and 250m from the beach.
An expressions of interest campaign attracted 107 enquiries and multiple offers, with the deeds going to an interstate buyer with plans to reconfigure and renovate the existing building for short-term accommodation.
“The amalgamation involved six individual owners based locally, interstate and overseas,” said Mr Grbcic.
“This was a challenging campaign due to proposed changes to the town plan that would see setbacks increased, posing a problem for developers.
“The ultimate buyer plans to utilise the current building and does not need onsite parking, which was a challenge for other potential buyers. In the end, we found the ideal buyer.”
The high rate of enquiry and premium sale prices reflect a strong level of demand for Broadbeach, favoured for its walkabout-town lifestyle with the beach, restaurants, transport and key amenities all within easy reach.
“Broadbeach is still the premium suburb for developers and investors,” said Mr Grbcic.
“Interest in B and C-grade sites has slowed down, but blue-chip sites are still hotly contested regardless of the market cycle and economic conditions.”
Reach out to Kollosche’s experienced Commercial Real Estate team if you are thinking of listing or purchasing a commercial property – Tony Grbcic and Adam Grbcic
