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Broadbeach Mall Hits the Market

A 1990s mall between some of the biggest developments on the Gold Coast has hit the market in an expressions of interest campaign.

The four titles in the Niecon Portfolio make up the largest contiguous freehold site in Broadbeach at 5,463square metres.

The mixed-use Niecon Plaza features two levels of office and retail space with a large internal glass atrium and internal mall linking Victoria Avenue with Albert Avenue.

There is also the 14-storey Niecon Tower office building and two freestanding dual-level office buildings created by the Nikiforides Group led by Con Nikiforides.

The estimated fully leased portfolio net income is $2.89 million with a 46m frontage to Broadbeach Mall.

The Gold Coast property market is riding an unexpected wave of developments and sales brought on by the pandemic.

However the price expectations for the Niecon Portfolio are unclear with the Circle of Cavill sale achieving $62 million at the peak of the 2020 pandemic.

Another Broadbeach listing for “Main Place” a 3,275sq m site with an approved 50-storey development was listed for about $65 million in 2014, but was taken off the market.

Broadbeach Mall

▲ The ’90s Niecon Plaza and office towers make up one the largest freehold sites in Broadbeach.

Colliers Gold Coast director-in-charge Steven King said there hasn’t really been anything comparable on the market.

“The Niecon Plaza portfolio represents a unique long-term repositioning and redevelopment opportunity, with national brand, corporate and boutique operators providing a diversified income stream,” King said.

“The Gold Coast has traditionally been one of Australia’s largest tourism markets averaging 12 million visitors to the region annually over the last 3 years, totalling circa $15.5 billion in expenditure over the period.

“Broadbeach is a key lifestyle and commercial destination underpinned by several landmark pedestrian drivers including The Star Casino, The Gold Coast Convention Centre, the Oasis Shopping Centre, Pacific Fair and the Broadbeach Beach and Victoria Mall.”

Nearby on Broadeach Island, The Star Entertainment Group is also making ground on its $2 billion skyscraper development.


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Charter Hall gains northern exposure

Charter Hall

Charter Hall has paid $19.7 million for an industrial property at Brendale, in Brisbane’s northern suburbs, an area increasingly attracting institutional investor interest.

JLL director of industrial Nick Bandiera, who brokered the sale with colleagues Sam Byrne and Tim Jones, said the 5-hectare site offered passing income and development potential.

“The large scale and underutilised nature of the property appealed to Charter Hall, given its current industrial use, with the future capability of developing the site to a higher and better use given its broad zoning,” Mr Bandiera said.

“The north side has historically been predominantly privately owned. However, we are seeing a shift in that balance as tenant demand and scale continue to grow.”

“The northern Brisbane industrial market is experiencing strong inflows of institutional capital, which is set to reshape the landscape over the next few years.”

Owned by a syndicate of Victorian-based investors for decades, the site at 23-25 South Pine Road is adjacent to Strathpine Train Station, a major stop on the $1.15 billion Moreton Bay Rail Link.

“The property is primarily leased to international logistics and shipping company Wallenius Wilhelmsen Solutions, which uses the facility for the storage and assembling of agricultural and logistics equipment,” said JLL’s Sam Byrne.


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Cromwell Spends $185m on Golden Triangle Tower

ISPT has sold its recently renovated tower in Brisbane’s golden triangle for $184.7 million to Cromwell Property Group for its DPF fund.

The 24-storey office tower at 100 Creek Street, Brisbane has a net lettable area of 20,223 square metres.

It is the second purchase for the fund in Brisbane after it secured the former Flight Centre headquarters at 545 Queen Street for $117.5 million in May.

Meanwhile, Cromwell Funds Management Limited sold its nine-storey Icon office tower in Ipswich for $144.9 million a month ago.

The Creek Street building has a mix of tenants, a 6-star NABERS indoor rating, end-of-trip facilities and floor-to-ceiling glass panelling.

The sale follows another golden triangle transaction, in August, when Fortius Funds Management and PGIM bought a similar sized building at 307 Queen Street for $214 million.

The surge of transaction in the area comes as Brisbane occupancy drops to 51 per cent, according to the Property Council of Australia.


▲ The golden triangle is bounded by Edward, Queen and Eagle Streets and is a financial district in the Brisbane CBD.

Cromwell head of retail funds management Hamish Wehl said it was a landmark building and stellar addition to the fund.

“The asset has a sensational location, benefits from great amenity and has been recently substantially refurbished,” Wehl said.

“It’s earnings accretive to DPF and will support the fund’s long-standing track record of paying unitholders a regular reliable income.”

ISPT spent $10 million upgrading the 100 Creek Street building in 2018, giving it new bathrooms, a semi-open foyer as well as creating a French provincial style laneway market.

The direct property fund has an annualised distribution yield of 5.4 per cent with nine office assets in Queensland, NSW, Victoria and the ACT.

The acquisition is subject to Foreign Investment Review Board approval and is expected to settle towards the end of November.



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Hope Island’s Peninsula Collection apartments show great appeal to interstate and international investors

Peninsula Collection

The Peninsula Collection has 63 apartments, starting from a low $565,000 for the three-bedroom apartments

The ASX-listed ASF Group have released the final opportunity to buy in their unrepeatable gated Hope Island community, The Peninsula.

Peninsula Collection is the final instalment of apartments in the master-planned development on Harbourview Drive, which is located in the highly sought-after Hope Island Resort.

ASF has already sold out Peninsula Homes, a collection of 17 townhouses, Peninsula Residences, comprising 40 apartments, and Peninsula Terraces, just 22 terraces, which sit along side the Peninsula Collection.

The Peninsula Collection has 63 apartments, starting from a low $565,000 for the three-bedroom apartments. Since the official launch of Peninsula Collection last month, more than 10 apartments have already been snapped up

They’re likely to be popular with investors, particularly internationally, with Hope Island Resort featuring Foreign Investment Review Board (FIRB) exemption. This gives investors a global re-sale market for future capital returns seldom found in other developments in Australia.

The project is also offering a three-year rental guarantee of five per cent per annum, along with the option for property management services.

Hope Island apartments have seen 3.8 per cent price growth per annum over the past 10 years, according to SQM Research. In the last 12 months, apartments have seen 16.5 per cent growth.

This can be attributed to a number of factors, not least of which is shortage of supply. According to property consultants Urbis in 2019, The North Shore precinct, which includes Hope Island, was the most undersupplied market on the Gold Coast for apartment buyers. A situation which hasn’t see much improvement until recently with five new apartment developments set for Hope Island.

Rental stock has also remained extremely tight on Hope Island.

The 2032 Brisbane Olympics announcement is also backing up this data, ensuring investment from both private and public sectors upwards of hundreds of millions of dollars in infrastructure and more in the near and long term.

Peninsula Collection

Peninsula Collection 52 Harbourview Drive, Hope Island QLD 4212 

Three-bedroom apartments in Peninsula start from $565,000, below the suburb median of $579,000, according to SQM.

Rents have also been on the rise with rental asking prices up 24.8 per cent in the past year and 4.4 per cent per annum for the past 10 years.

‘The Peninsula, as an exclusive gated community development on Hope Island Resort’s unique river canal, is located within one kilometre of three golf courses, across the road from the Azzura Greens Resort and Links Hope Island Golf Club.

It’s one of the closest new developments near the Hope Island Shopping Centre, reachable on buggy or foot.


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