This highrise commercial at 3350 Pacific Highway, Springwood, in Brissy Gold Coast corridor, is up for sale. Am not sure if it has sold yet. Still has large for sale sign draping it.
has outstanding exposure to M1 motorway and is in centre of Springwood cbd.
Note, included with the highrise is another 9000m2 of land in the cbd.
The highrise has lost its primary tenant.
Interestingly, I noted neighouring 3348 Pacific Highway is up as a mortgagee sale....a 1472m2 site with DA approval for something.
Either of these sites might be amenable to aggressive offers.
WinstonWolfe said: ↑
This highrise commercial at 3350 Pacific Highway, Springwood, in Brissy Gold Coast corridor, is up for sale. Am not sure if it has sold yet. Still has large for sale sign draping it.From what i'm told in that area there has been a periodic collapse in prices in that sector in Springwood,half of West End is up for lease so what is on the market now is starting to just sit there,and for prospective buyers there would want to be substantial inducement offered,..willair..
Either of these sites might be amenable to aggressive offers.Click to expand...
BTW,you can learn a hell of a lot by one simple phone call to the RE'S that have control over the sales of the above,12 months ago they would not even return my calls,.but after reading Dazz's posts you get too understand what questions to ask and have control,rather then the RE leading you up the garden path,,after all the Banks always have total control what happens in between is not important..
I haven't contacted the rea as I'm more bearish than most forumites , at the moment, and either would take a syndicated offer. I only mentioned this site because I have travelled past it a few times in the last month. I've known for 2 years the primary tenant at 3350 was relocating closer to Brisbane cbd.....and presume it is a forced sale.
Yes, outer suburban office space swings extremely.....and can be very profitable if timed well.....
Re, cip rea's, I must have spoken to over 100 in my quest for medical centres (as lessee or buyer) over the last 7 years. I get taken seriously when I mention comparative yields (inclusions/exclusions), owner fitout contributions, car spaces per m2, leases, ratchets, buy options (if leasing), rezoning and redevelopment, council spends, population growth....classic swot analysis. though always more to learn. I like talking to resi rea's who advertise commercial. They usually have limited understanding.
That development site you mention at 3348 Pacific Highway has been on the market for almost three years. It has an approval for a 12 storey office tower, similar to one next door i presume. Reportedly when they first took the property to the market they had an offer of $3.2m which they rejected. The property has since fallen into receivership and the best offer the receiver has had is $1m dollars.
There is a **** tonne of land suitable for commercial development in that springwood area. All along vanessa boulevard and around that shopping centre is zoned for several storey's of commercial. People got a bit carried away buying up the sites and are now left with sites they paid close to a $1000 a square metre which is now worth only maybe $500-$600 a square metre...... if they could find someone to buy it.