Australian property market wrap 20 November 2023
Images: Supplied.
  • Gold Coast project sets new benchmark at over $8,000 per sqm.
  • Swanston Street retail property hits the market in Melbourne.
  • An Airport West property is leased to FDA Accountants

Today’s wrap is a plethora of sales, leases, and listings across the east coast.

SOLD

Gold Coast apartments snapped up within two weeks of launch

Jewel Private Residences’ fully complete beachfront apartments have been snapped up, with the latest release of 30 apartments gone in just two weeks of launching to market.

Luxury apartment marketing agency, TOTAL Property Group, announced that all 100 luxury apartments already released to the market in three stages at Jewel Private Residences have now been sold to the tune of $200 million.

The 30 apartments in Stage Three, released to market at the end of September, sold during the month of October, totalling $60 million.

Leading Australian investment and development company, AW Holding Group, delivered the $1.5 billion three-tower iconic landmark precinct Jewel to the Gold Coast, encompassing the five-star hotel tower The Langham, Gold Coast and two towers dedicated to the premium residential apartments in Jewel Private Residences.

New benchmark set

Brisbane developer, Engage Group, has hit a major milestone with its latest development, Vicinity Robina, a medical-office project in Robina’s tightly held commercial heart. The newly completed building, representing the last new supply entering the Gold Coast office market for the next three years, has set a new sales benchmark for vacant owner-occupier strata accommodation on the Gold Coast.

Vicinity Robina is located at 18 Campus Crescent on the corner of Investigator Drive and comprises 2,288 square metres of net lettable area across 14 strata-title units.

According to marketing agent Bede Blatchford of Colliers, demand for office and medical space in the tightly held precinct has helped Vicinity Robina set a new sales record for the Gold Coast in excess of $8,000 + per square metre.

LEASED

FDA Accountants secures Victorian office

A city fringe office in one of Airport Wests’ busiest commercial precincts has been secured by accountancy firm, FDA Accountants. The deal was negotiated by NSL Property Group.

“The prime inner west location coupled with the need to expand their office base and the terrific access to Western Ring Road & Citylink made this Airport West property an ideal fit,” said NSL Property Group managing director, Guy Naselli.

FOR SALE

Swanston Street retail property listed

A fully leased, three-level retail property in the heart of Melbourne has been listed by its owner of more than three decades.

Located within a precinct supported by massive daily foot traffic numbers, the 157-159 Swanston Street property, which last sold in 1988, is one of only six freeholds sold in the tightly held Swanston Street precinct in the last decade with only two changing hands since 2018.

According to JLL’s head of Melbourne CBD sales, Nick Peden, who is marketing the property with colleagues Josh Rutman and Mingxuan Li, the sale represents the rarest of opportunities in a truly defensive asset class.

“This is the first time the property has been offered for sale in 35 years and, as such, provides an extremely rare opportunity to purchase a fully leased property in the heart of Melbourne CBD’s best and most tightly held retail precinct,” said Peden.

The classic, double-fronted, 502 square metre retail freehold is currently configured as two ground floor shops with two upper floors and 10.5 metres of absolute prime frontage to Swanston Street. The property is fully leased to EzyMart and Rozzis with a net passing income of $524,160 per annum. The 211 square metre site also includes a valuable rear frontage to Masons Lane.

The EoI closes 8 December.



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