SPACES in Southport’s premier shopping destination, Southport Central, have hit the market as the Gold Coast’s traditional CBD continues to ride a wave of resurgence.
Vendor Gold Coast Property Investment has listed 13 retail outlets at the base of Southport Central Tower 2 after completing a major upgrade of each shop. They are being offered for sale in one line or individually, in an offers to purchase campaign through Lian Lee and Wayne Devenport of Ray White Commercial Southport, and David Liu, of Neptune Realty.
Commercial director of the Ray White Surfers Paradise Group, Gregory Bell, said a strong level of unsolicited buyer interest in the outlets – particularly from superannuation funds – in recent months, as well as Southport’s infrastructure-driven renaissance had galvanised the seller to act.
He said the vendor had turned down a long-term lease offer from a federal government department opting instead for a sales campaign.
“They believe the planets have aligned in Southport and the CBD is once again the place to be thanks to factors like the light rail, Broadwater Parklands and plans for a China Town precinct,” he said.
“They’ve tested the leasing waters but found there was stronger interest from prospective buyers motivated by the improving economy and Southport’s revival as a major business, retail and service centre.
“So this path is considered the best way forward for achieving the optimal mix of retailers in the precinct.”
Mr Bell said the campaign came as demand for retail property on the Gold Coast grew.
“End-users haven’t had a great deal of choice, especially if they wanted a premises that was central and relatively new and modern,” he said.
“We are expecting a strong response from owner occupiers as they recognise the huge revitalisation occurring in Southport and they move to secure a position in the area’s premier retail hub.
“Record low interest rates have put this option within reach of more and more business owners for whom buying is a better investment than leasing.”
Mr Bell said Southport Central, which comprises three mixed-use towers, had become the epicentre of CBD activity in Southport and was experiencing daily foot traffic of 4500 people.
“Southport’s retail heart has switched from the Mall to Southport Central,” he said.
“This campaign presents an opportunity for business owners to secure a stake in what is undoubtedly the premier retail precinct of the city’s most dynamic and promising suburb.
“Southport is the Gold Coast’s latest hot spot thanks to the wealth of major improvements that are now happening or in the pipeline.”
Mr Bell said the seller bought the 13 titles in a receiver sale and had substantially upgraded each. Five of the tenancies are leased while the remainder range in size from 37m² to the largest, an 847m² tenancy ideal for a boutique supermarket or food emporium.
In addition to its retail precinct, Southport Central has more than 600 apartments and 30,000m² of office suites. It fronts Scarborough, Lawson and Garden streets and is adjacent to the light rail route.
Major recent property transactions in Southport include three large development sites which all sold to Chinese buyers.
Mr Bell said this foreshadowed an impending spike in the construction of multi storey apartments as Southport continued to cement its position as a residential hot spot for the Gold Coast.
The offers to purchase campaign for the Southport Central retail titles closes on June 19.