The looming 2018 Commonwealth Games and surging local development are expected to build strong interest around three Gold Coast commercial properties due to go under the hammer on January 28.
In Nerang, a historical house converted for commercial use could in the future make way for a sizeable development of up to 39 metres in height, under its Centre RD6 zoning.
Now occupied by two businesses — a dog-grooming salon and a chiropractor — 7 Price Street, pictured above, returns a net income of more than $62,000 per year.
“This property will work as a standalone commercial investment but a new owner will also benefit from the strong development potential of the 1012sqm site,” Mr Young says.
The property is within walking distance of the Nerang Velodrome, which is the venue for cycling events during the Commonwealth Games.
At Southport, a strata-titled residential building at 135 Nerang Street pictured below, now operating as a boarding hostel, is across the road from the proposed $550 million Queen Street Village project.
The 3.2ha master-planned development, which will include apartment towers, shops, a dining and entertainment precinct plus office space, is expected to be launched to market in the coming weeks, subject to local government approval. It is on the site of the former Gold Coast Hospital.
The 1386sqm Nerang Street property comprises 21 studio-style lettable rooms, each with its own bathroom. The fully leased building is close to the G:Link light rail and within walking distance of the Southport CBD, Australia Fair shopping centre and Broadwater Parklands.
Mr Young says while the property is already a high-yielding investment, it also offers buyers plenty of options.
“Future uses for the site after refurbishment could include student or backpackers’ accommodation, a motel-hotel or an aged-care facility — not to mention complete redevelopment potential,” he says.
Further south at Chinderah, near the banks of the Tweed River, 9-11 Waugh Street, pictured below, comprises two level lots with a small fibro house on one side and a garage on the other.
Zoned B4 (Mixed Use) under the Tweed Local Environment Plan 2014, the property is 500m from the M1 Pacific Motorway and about 20 minutes’ drive from Gold Coast Airport.
“The zoning allows for home occupation of existing residences but prohibits residential accommodation,” Mr Young says. “Therefore, future uses may include commercial redevelopment.”
Each of the three properties will be offered for sale at The Event, an annual auction presented by Ray White Surfers Paradise Group.
Properties up for grabs include apartments, houses and land as well as commercial and industrial properties — even boats. The Event will be held at the RACV Royal Pines Resort on January 28, starting at 10am. For more information, see The Event website.